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Analyst Douglas Harned of Sanford C. Bernstein chopped his price targets on several defense stocks today, including Lockheed Martin Corp. (NYSE: LMT). "Trends in the defense budget remain the most important driver of defense stocks, and the cash flow outlook is strong for the defense businesses," said Harned in a note to clients.
Harned cut LMT's price target from $104 to $96, but he reiterated an "outperform" rating on the stock. Lockheed Martin remains the analyst's top pick in the defense sector, thanks to its strong overall growth potential and support from its F-35 Joint Strike Fighter program. Despite his forecast for a reduction in supplemental defense budgets, Harned expects the F-35 program will remain fully funded.
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