© Reuters. Today’s Most Important Downgrades
Wells Fargo (NYSE:) downgraded Lockheed Martin (NYSE:) to Equal Weight from Overweight and adjusted its price target to $415.00 from $406.00. According to the analysts, the company’s shares trade at a premium to its defense peers on pension-adjusted EPS, although its portfolio lends itself to lower growth vs peers with F-35 (25-30% of sales) no longer growing, while its share of rotorcraft is likely to fall unless it can win the upcoming Future Vertical Lift contract (expected in October).
Wells Fargo downgraded L3Harris Technologies (NYSE:) to Equal Weight from Overweight and lowered its price target to $238.00 from $272.00, noting that the company’s shares trade at a discount to its defense peers, despite its supply chain challenges expected to linger, making the planned approximately 10% sequential H2 sales uptick difficult.
OTR Global downgraded Illumina (NASDAQ:) to Mixed from Positive.
Cleveland Research downgraded salesforce.com (CRM) to Neutral from Buy.
By Davit Kirakosyan
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