Lockheed Shares Boosted by Wells Fargo Upgrade
Wells Fargo now estimates that earnings at the aerospace company will grow at steady rate.
Shares of Lockheed Martin (LMT) - Get Report were higher Monday after Wells Fargo upped its rating to "outperform" from "market perform." The analyst team raised their price target on the stock to between $275 and $280 from $255 to $260. Wells Fargo now estimates that earnings at the aerospace company can grow by 20% a year through 2020, according to The Fly. In 2020 earnings could reach $20 a share, driven mainly by the company's decision to freeze pension plans. Lockheed shares are now up nearly 19% over the past 12 months.
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