Lockheed Martin Corporation LMT is anticipating delays in the coming weeks due to plane development schedules and pension headwinds pushing consensus estimates down ~10%, Deutsche Bank reports.
Deutsche is increasing FAS/CAS pension expenses for 2011 to $1B (from $900M) but believes that LMT can and should contribute additional funds to the pension plan beyond the planned estimates ($1.4B) planned for 2010.
Sales estimates for 2011 have also been lowered by Deutsche to +3% (from +4%) due to $500M in runoff for the US Census program and uncertainty surrounding the future of the PTDS program (~$350M).
Deutsche Bank maintains its Hold rating and a new $82 price target.
Lockheed Martin Corporation closed Friday at $70.38.
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Posted In: Analyst ColorLong IdeasNewsPrice TargetAnalyst RatingsAerospace & DefenseDeutsche BankIndustrialsLockheed Martin
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