Lockheed Martin

LMT · NYSE

$548.71+$0.48 (+0.09%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $548.23

LMT analyst rating

HoldConsensus of 14 analysts over the last 12 months. 36% rate it a buy.

Strong buy0
Buy5
Hold8
Underperform0
Sell1

12-month price target · 22 analysts

Average $653.09 (+19.0% upside)

Low: $508.03
Now: $548.71
High: $793.80

Upgrades and downgrades

The latest rating actions, newest first

LMT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Oct 15, 2026	Maintains	Sector Perform	$600.00 → $550.00	59%
Bernstein	Oct 14, 2026	Maintains	Market Perform	$629.00 → $564.00	39%
TD Cowen	Oct 9, 2026	Maintains	Hold	$600.00 → $570.00	63%
Barclays	Oct 9, 2026	Initiates	Equal-Weight	$554.00	26%
Rothschild & Co	Oct 6, 2026	Initiates	Buy	$650.00	—
UBS	Sep 8, 2026	Upgrade	Neutral → Buy	$581.00 → $674.00	49%
Citigroup	Aug 13, 2026	Maintains	Buy	$641.00 → $691.00	27%
Morgan Stanley	Jul 24, 2026	Maintains	Equal-Weight	$653.00 → $690.00	61%
RBC Capital	Jul 24, 2026	Maintains	Sector Perform	$575.00 → $600.00	59%
TD Cowen	Jul 13, 2026	Maintains	Hold	$600.00 → $560.00	63%

The case for and against

Updated Jul 21, 2026

Bull case

Lockheed Martin is the largest, most liquid U.S. defense stock and viewed as a proxy for defense sentiment. The company's 4Q25 standout cash flow generated a pre-fund of C26's pension requirement, a 10%+ increase to C25/26 FCF guidance, and no charges on the classified Aeroprogram. With the potential for federal debt reduction agreement and the forthcoming C27 DoW budget request, the stock's upward re-rating may continue.

Bear case

Lockheed Martin is a strong and reliable company with a dominant position in the defense industry. However, the loss of the Next Generation Air Dominance (NGAD) program and lack of involvement in a 6th generation fighter jet have raised concerns about its long-term growth outlook. Additionally, the company's execution on large programs, the uncertainty surrounding the F-35, and their reliance on government contracts and security clearances pose significant risks. Market saturation and potential budget cuts may also impact future defense spending, which could have a negative impact on Lockheed's revenue. As a result, we believe that while Lockheed's current financials are strong, its future growth potential is limited, leading to our negative outlook on the stock.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.