JP Morgan adjusts Lockheed Martin's Estimates, but Maintains Overweight Rating (LMT)

Lockheed Martin

announced that it will take a $175-200 million charge in the third quarter for its Voluntary Executive Separation Program, an effort to reduce overhead in the face of an increasingly difficult budget and contracting enviornment. JP Morgan lowered its growth expectations for Aeronautics slightly due to slower growth expected for LMT's F-35 program. However, JP Morgan still believes it is a growth leader in the defense industry in the coming years. JP Morgan Revised Price Target to $91.00 from a previous $94.00. LMT currently trades at $70.54 Get free trades at