Why Lockheed Martin Stock Flew Higher on Friday
An analyst's price target bump was the news pushing shares of storied defense company Lockheed Martin (NYSE: LMT) skyward as the trading week came to an end. The stock ended the day nearly 3% higher, easily topping the less-than-0.6% increase of the bellwether S&P 500 (SNPINDEX: ^GSPC) on the day.
Well before the market open, Matthew Akers of influential "big four" U.S. bank Wells Fargo raised his price target on Lockheed Martin to $476 per share, up from his previous $468. That wasn't enough to push his recommendation into bull territory, as he maintained his equal weight (read: hold) recommendation on the stock.
According to reports, Akers' modification stems from interest in U.S. defense stocks from abroad. While this is currently muted, it should rise once the funding situation for the industry becomes more clear.
Source Fool.com
