Lockheed Martin (LMT) received divergent outlooks from Wall Street on Wednesday. Vertical Research upgraded the stock to "Buy" from "Hold." The firm set a $600 price target. It cited an attractive valuation following a recent sell-off. Vertical Research also projected strong growth in the company's missile division.
Conversely, Bernstein maintained its "Market Perform" rating. The firm slashed its price target to $564 from $629. Bernstein cited a challenging environment for defense stocks due to uncertainties and congressional stalls surrounding the U.S. defense budget.
These mixed analyst actions occurred as broader markets traded sharply lower due to hotter-than-expected inflation data, putting pressure on equities.