JPMorgan says Iran's drone attack on Israel over the weekend can drive a near-term surge in Lockheed Martin stock. The bank upgraded the defense stock, the prime contractor for the military's F-35 fighter jet, to overweight from neutral in a Monday note, and raised its price target to $518 per share from $475. JPMorgan's forecast implies roughly 15% upside from Lockheed's closing price of $450.40 on Friday. LMT YTD mountain Lockheed Martin stock.
In the short-term, JPMorgan analyst Seth Seifman says his bullish outlook on Lockheed could find more support from stepped-up military preparedness springing from the Middle East, especially since the defense sector is largely under-owned by institutional investors.
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