UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Lockheed Martin Corporation

In a report published Wednesday, Citigroup reiterated its Buy rating on Lockheed Martin Corporation

, but lowered its price target from $108.00 to $106.00. Citigroup noted, “In our view, LMT can continue to perform due to demand for F-35s, C-130s, re-worked C-5s, attractive BMD technologies, and a strong cash position providing for shareholder friendly activities (dvd yields ~5%), with the company sticking by its goal of returning > 50% of operating cash flow to shareholders (has been closer to 70 – 80% over the past three years). We further believe that the F-35 is the fighter of choice for the US military, and that even if the program were halved (to ~1,500), it would still be worth at least 7.5 years of production at peak rates, with potential upside from international sales.” Lockheed Martin Corporation closed on Tuesday at $92.96.