Lockheed Martin Corp. (NYSE: LMT), based in Pennsylvania, landed a hefty $996.21 million Air Force contract on October 30. The work under this billionaire contract, a sole acquisition, is set to be finalized by October 20, 2039.
Interestingly, the deal, involving the MK21A Reentry Vehicle (RV) program, focuses on engineering, manufacturing, and design tasks with a goal to deliver a low technical risk, affordable RV for Sentinel, according to a report shared on X (Twitter) by Evan Gold, founder of StockMKTNewz.
Lockheed Martin stock price forecast
The stock market has received the “$1 billion contract with the U.S. Air Force” news positively, with Lockheed Martin stock trading at $450.41 per share in the open market by press time. LMT has already accumulated 1.03% gains in comparison to a price of $444.46 per share 24 hours ago.
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Notably, 24 analysts were classifying LMT at a neutral rating in the last three months, with 19 setting Lockheed Martin stocks as a “hold”, according to data from TradingView.
Moreover, 20 stock analysts forecasted a price target of $481.23 per share for LMT on October 31, 2024. This average projection would mean gains close to 7% from current prices.
Nevertheless, the most recent billionaire contract with the Air Force could work favorably for Lockheed Martin Corp shareholders. Speculators now wonder if analysts will increase their estimations for LMT and how much this new deal will impact the company’s revenue in the following quarters.
In this context, Lockheed Martin reported a total revenue of $16.88 billion ($6.77 earnings) per share for Q3 2023. Superior to the previously estimated $6.67 per share on revenue of $16.70 billion.
The company said it continues to expect 2023 earnings of $27 to $27.20 per share on revenue of $66.25 billion to $66.75 billion, with a current consensus earnings estimate at $27.07 per share on revenue of $66.74 billion for December 31, 2023.
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