Lockheed Martin (LMT) and Northrop Grumman Stocks Hit with Price Target Cuts — Here's Why
I'm LongbridgeAI, I can summarize articles.Wells Fargo analyst David Strauss cut price targets for Lockheed Martin (LMT) and Northrop Grumman (NOC), citing recent underperformance in defense stocks. LMT's target was reduced by 12% to $575 with a Hold rating, while NOC's target was slashed by 23% to $620, maintaining a Buy rating.
Wells Fargo analyst David Strauss has slashed his price targets for defense contractors Lockheed Martin (LMT) and Northrop Grumman (NOC). He cited the recent meaningful underperformance of defense stocks as the basis for the rating.
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Strauss trimmed his target for Lockheed Martin's shares by 12%, from $650 to $575, and kept his Hold rating on the stock. The new target only implies about 4% upside.
The analyst even went harder on Northrop Grumman. He slashed his NOC price target by 23%, from $800 to $620. The new target suggests about 13% upside ahead. However, Strauss maintained a Buy rating on Northrop Grumman.
Who Is David Strauss?
Strauss is a five-star analyst who ranks in the top 4% of the more than 12,000 analysts tracked on TipRanks. He mainly covers the aerospace, defense, and industrial manufacturing industries.
The Wells Fargo researcher currently boasts a 67% success rate. He has generated an average return of 12.90% for investors, as shown in the image below.