The firm said both industry and company-specific headwinds would challenge the stock.
Goldman Sachs sees potential pressure to Lockheed Martin 's stock if the U.S. tries to rein in spending. Analyst Noah Poponak said defense stocks currently price in a global geopolitical struggle among the world's biggest countries, but they could take a hit as the U.S. refocuses on its cumulative debt. Defense stocks could suffer if defense budgets, valuations or their earnings come off the near all-time highs they are currently running near, he said.
"LMT is highly diversified across the defense end-market, which means it often grows at similar rates as the budget." The stock dropped nearly 3% in premarket trading. Beyond changes to the government budget, Poponak expects financial losses from halted deliveries of its F-35 jets due to a December incident that is still being investigated.
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