洛克希德·马丁公司的多年期战机交易又赢得了一位华尔街看多者的青睐，该分析师还为该公司设定了全街最高的目标价。
Lockheed Martin Corp.’s multi-year fighter jet deal has won over one more Wall Street bull, who has also set a Street-high price target for the company.
摩根士丹利分析师Kristine T. Liwag将这家总部位于马里兰州的国防承包商的股票评级从“持平”上调至“超配”，并将目标价从690美元上调至835美元，较周四收盘价暗示有近30%的上涨空间。
Morgan Stanley analyst Kristine T. Liwag raised the recommendation on the shares of the Maryland-based defense contractor to overweight from equal-weight and increased the price target to $835 from $690, implying upside of nearly 30% from Thursday’s close.
此次上调评级部分基于与五角大楼达成的一项为期10年的框架协议，承诺采购至少850架F-35战机。根据向美国证券交易委员会提交的文件，F-35占洛克希德·马丁总收入的近30%。
The upgrade hinges in part on a 10-year framework agreement with the Pentagon to buy at least 850 F-35s. The F-35 accounts for nearly 30% of Lockheed’s total revenue, a filing with the US Securities and Exchange Commission shows.
Liwag在接受采访时表示：“从投资角度来看，F-35项目的去风险化非常有帮助，这是我们展望发生的核心变化之一。”
“The de-risking of the F-35 from an investment perspective is really helpful and that’s one of the core changes in our outlook,” Liwag said in an interview.
Liwag补充称，虽然F-35框架协议不等同于“所有未来产量都已全额拨款并签约”，但它确实增强了对该项目长期重要性的信心。她表示，投资者尚未完全为F-35交易定价，因为国防部2027财年预算尚未获得国会授权和拨款。
Liwag added that while the F-35 framework agreement is not equivalent to having “all future production fully funded and contracted,” it does provide greater confidence in the program’s long-term importance. Investors aren’t fully pricing in the F-35 deal because the Department of Defense’s 2027 budget has not yet been authorized or appropriated by Congress, she said.
尽管如此，客户在10年框架下承诺最低采购量，表明“你依然具有相关性，仍是优先事项”，Liwag说。
Still, a customer committing to minimum purchases under a 10-year framework signals “that you are relevant and you’re still a priority,” Liwag said.
随着地缘政治紧张局势几无缓和迹象，美国国防企业正从中受益，这强化了市场对武器需求将持续旺盛的预期。洛克希德·马丁股价有望录得自1月以来最佳单月表现，年内迄今累计上涨33%，远超标普500工业板块指数9.6%的涨幅。
US defense firms are benefiting from geopolitical tensions that show little sign of easing, reinforcing expectations for sustained weapons demand. Lockheed Martin shares are on track for their best month since January, and has seen year-to-date gains of 33%, far outpacing the 9.6% increase for the S&P 500 Industrials Sector Index.
对于这家国防承包商而言，最新的F-35交易和强劲的财报为投资者提供了新的证据，表明高企的国防开支不仅在增加其订单积压，还正在转化为利润，并为未来数年带来更高的盈利可预见性。在其最新的财报发布中，洛克希德·马丁公司上调了全年业绩指引，并报告了2920亿美元的创纪录订单积压。该公司还显示，其导弹与火控产品部门的运营利润较去年同期跃升24%。
For the defense contractor, the latest F-35 deal and strong earnings offer investors fresh evidence that elevated defense spending isn’t just boosting its backlog but also translating into profits and greater earnings visibility for years to come. In its latest earnings release, Lockheed Martin raised its full-year guidance and reported a record backlog of $292 billion. The company also showed that operating profit in its missiles and fire control products segment jumped 24% from a year ago.
“他们预计该部门在未来五年将实现中等双位数增长，”李瓦格表示。“这种需求的持久性，以及其多年期的性质，也让我们对公司的盈利增长充满信心。”李瓦格表示，在F-35项目可预见性改善和导弹产品组合订单积压增长的支撑下，对持久自由现金流更有信心，这证明了摩根士丹利给予该公司更高估值的合理性。
“They expect this segment to grow mid-teens over the next five years,” Liwag said. “The durability of this demand, that it’s multi-year in nature also gives us confidence about the company’s earnings growth.”Greater confidence in durable free cash flow, supported by improved F-35 visibility and backlog growth across the missiles portfolio, justifies the higher valuation Morgan Stanley assigned to the company, Liwag said.
据彭博汇编的数据，洛克希德·马丁目前拥有15个买入等级评级，为至少2024年1月以来的最多。此外，该公司还有12个持有评级和1个卖出评级。
Lockheed has 15 buy-equivalent ratings, the most since at least January 2024, according to data compiled by Bloomberg. It also has 12 hold ratings and one sell recommendation.