Oppenheimer Maintains Perform On Lockheed Martin As Solid 3Q14 Undone By 2015 Outlook And Pension Headwinds


In a research report issued to investors today, analyst William Lee of Oppenheimer assigned a Perform rating on Lockheed Martin (NYSE:LMT), following the company’s third-quarter results, posting a slight top-line miss, but solid 3Q14 operating performance, beating consensus earnings and margin estimates. No price target was provided.

Lee noted, “We suspect there is some conservatism embedded within its preliminary sales and margin guidance. Moreover, LMT plans to pre-fund its pension by another $1B, which eliminates required contributions for the next three years and allows it to step up share repurchases ($2B+) in 2015 and return ~100% of FCF to shareholders.”

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