Lockheed Martin (NYSE:LMT) shares slouched Friday as Goldman Sachs downgraded the defense contractor to sell from neutral and cut its price target by $56 to $332. The Wall Street firm noted that the company is vulnerable to any changes in government budgets.
Lockheed’s Space business unit scored a small victory, which involved the development of missiles, resulted in securing a modification contract. The Strategic Systems Programs in Washington, District of Columbia, is the organization giving out the prize.
The completion of the contract , which has a total value of $260.8 million, is anticipated to occur on November 9th, 2026. Per the agreement stipulations, Lockheed will lend its expertise in program management, engineering development, system integration, long lead material, and specialized tooling and equipment to the missile manufacturing process.
Most of the work associated with this transaction will be carried out in both Sunnyvale, California, and Denver, Colorado.
The growing geopolitical and socio-economic unrest throughout the world has driven countries all over the world, both developed and developing, to increase the size of their individual military arsenals, with missiles making up a considerable percentage of that inventory.
In addition to manufacturing satellites and systems for transporting people and cargo into space, the Space business section of Lockheed also produces strike missile systems. One of its primary programs is the Trident II D5 Fleet Ballistic Missile (FBM), the only submarine-launched intercontinental ballistic missile currently being produced in the United States. This program is run in conjunction with the United States Navy.
LMT shares flopped $10.22, or 2.2%, to $451.52
