Lockheed Martin Corporation (NYSE:LMT) and Weibel Scientific A/S entered a partnership to apply Weibel’s legacy in radar systems to ballistic missile defense (BMD) by creating the Gap-Filling Tracking Radar (GFTR).
“Weibel currently produces a series of sophisticated Continuous Wave Doppler radar systems that are in operation throughout the world,” said Brad Hicks, vice president of Integrated Warfare Systems and Sensors at Lockheed Martin. “Their experience and skill in radar technology, combined with Lockheed Martin’s BMD expertise, will help to extend our ability to detect, control and engage ballistic missiles to defend our nation and our allies.”
The GFTR will be designed and implemented to provide full and overlapping coverage against a broad spectrum of threats across the European continent. Its precision tracking and discrimination capabilities will enable warfighters to defend across large geographical areas including fully leveraging advanced capabilities being incorporated in the NATO European BMD architecture.
“This partnership gives us the opportunity to integrate our NASA radar technology with Lockheed Martin’s leading BMD capabilities,” said Peder Pedersen, chief executive officer of Weibel Scientific. “We could not imagine a stronger partner than Lockheed Martin to support our advanced radar technology as we work to expand and upgrade BMD in the region.”
The partnership is part of an industrial cooperation agreement between Lockheed Martin and Weibel with the Danish Business Authority’s approval following the Royal Danish Air Force’s acquisition of nine U.S. Navy MH-60R SEAHAWK® helicopters. The work will be completed at Weibel Scientific Facilities in Denmark and the Aegis BMD development site in Moorestown, New Jersey. (Original Source)
Shares of Lockheed Martin closed last Friday at $211.96 . LMT has a 1-year high of $212.08 and a 1-year low of $166.28. The stock’s 50-day moving average is $201.10 and its 200-day moving average is $195.68.
On the ratings front, Lockheed Martin has been the subject of a number of recent research reports. In a report issued on July 21, Barclays analyst Carter Copeland maintained a Hold rating on LMT, with a price target of $204, which represents a slight downside potential from current levels. Separately, on the same day, Citigroup’s Jason Gursky maintained a Buy rating on the stock and has a price target of $232.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Carter Copeland and Jason Gursky have a total average return of 14.7% and 28.3% respectively. Copeland has a success rate of 70.9% and is ranked #228 out of 3737 analysts, while Gursky has a success rate of 85.7% and is ranked #301.
Lockheed Martin Corp is a security and aerospace company. The Company isengaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.