Morgan Stanley upgraded Lockheed Martin to overweight and raised its price target to $835 from $690, implying 38% upside from Friday’s close. The company reached a 10-year framework with the U.S. government to continue producing the F-35 Lightning II stealth fighter, which Morgan Stanley analyst Kristine Liwag said significantly reduces risks for the stock. Lockheed Martin also reported third-quarter earnings that beat analyst expectations, while its missile and fire-control production ramp is expected to drive mid-teens growth. Shares rose nearly 7% on the earnings announcement, gained more than 9% last week and have jumped 25% in 2026; among 26 analysts, 13 rate the stock a buy or strong buy and 12 rate it a hold.
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