Citi Cuts Target On Defense Contractors (LMT)

Citi Investment Research cut the price target on the defense contractors, including Lockheed Martin Corporation

. It lowered the price target to $88 from $91, but still rates it as a Buy. In a note to clients, Citi writes, "It appears 2011 is shaping up to be a gap year in growth for the defense industry in light of cancellations in 2009 that are now winding down and delays in program awards that have plagued the Obama-led DoD due to the “acting” status of decision makers during the political transition. This will create difficult comps for 2011. However, we expect growth to resume in 2012 as new programs are awarded and comps become easier." Shares of LMT lost 6 cents on Friday to close at $71.78.