Lockheed Martin Receives $5 Billion Contract from U.S. Army
The largest U.S. defense contractor, Lockheed Martin (NYSE: LMT), secured a $5 billion contract from the U.S. Army to produce and maintain military and defense equipment.
- The contract allocates $3.9 billion for manufacturing F-35 Lightening II aircraft, maintenance, and upgrades.
- An additional $1 billion will fund maintenance of F-35 Joint Strike Fighter (JSF) facilities and developmental flight test activities.
LMT Stock Price Performance
Lockheed Martin stock closed at $563.98 on August 28, with a 0.64% increase from the previous trading days. Despite the $5 billion contract news, pre-market trading shows a 0.26% decrease.
- Year-to-date (YTD) chart displays a 23.65% increase in recent months.
Technical Analysis of LMT Stock
Based on the monthly technical chart, LMT shares surpassed the $562.87 resistance level and are close to breaching $564.35 resistance. Support is at $553.21, with positive momentum indicated by SMA indicators.
- RSI reflects an upward momentum with a reading of 58.59, indicating rising buying volume from investors.
Wall Street Evaluation of LMT Stock
Wall Street analysts are cautious about Lockheed Martin’s stock due to its high valuation and 20.47 P/E ratio. They assign a “moderate buy” rating based on 15 examinations with an average price target of $561.93.
- Recent price target updates from Seaport Global and Morgan Stanley indicate limited growth potential for LMT stock.
Summarizing the Article 🚀
Lockheed Martin secured a $5 billion contract from the U.S. Army, reinforcing its position as a global defense leader. Despite positive stock performance and technical indicators, Wall Street remains cautious about further growth potential in LMT stock.
Hot Take 🔥
As a crypto reader, keep an eye on Lockheed Martin’s stock performance following the recent $5 billion contract news. Evaluate technical indicators and consider Wall Street’s cautious stance on LMT stock before making any investment decisions.
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