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HARTFORD, Conn. - Lockheed Martin Corp. shares have an emerging opportunity to rise, an analyst said Tuesday as he upgraded his rating on the defense contractor and cut his investment recommendation on Raytheon Co.
Citi Investment Research analyst Itay Michaeli upgraded Lockheed Martin to "Buy" from "Hold" and cut his rating on Raytheon to "Hold" from "Buy."
He said shares of Lockheed Martin have "emerging long-term value opportunity" due to their underperformance relative to the Standard & Poor's 500 index in the last few months.
Shares of Lockheed Martin have risen 28 percent since early March while the S&P 500 index has increased 47 percent in the same period.
Michaeli downgraded defense contractor Raytheon, but said Raytheon shares have "an appealing" 13 percent return expectation to his price target.
He raised his 2010 earnings estimate for Lockheed to $8.20 per share from $7.71 per share on higher growth at its information systems and global services business and stronger margins at its electronic systems segment.
Shares of Lockheed Martin rose $1.51, or 2 percent, to $76.49 in premarket trading while Raytheon fell 87 cents, or 1.8 percent, to $46.31.
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