RBC Capital increased its price target for Lockheed Martin (LMT) to $600 from $575. The firm reaffirmed its 'Sector Perform' rating. This adjustment follows Lockheed's strong second-quarter financial results. The results surpassed consensus estimates.
The bank's analyst noted the earnings beat stemmed from robust performance across the company's portfolio. Improved execution in the second quarter was an encouraging sign. Previous quarters had been affected by negative profit adjustments.
This price target change joins several recent adjustments from Wall Street analysts. Baird and Morgan Stanley also recently raised their price targets for the defense contractor. This reflects a generally positive but watchful sentiment on the stock.