During an air show in the southern city of Bengaluru on Wednesday Lockheed Martin Corp (LMT) presented to India a new fighter jet, the F-21, as the company seeks to win a military order valued at more than $15 billion.
Lockheed Martin shares closed higher for the tenth time in the past fifteen trading sessions in New York on Wednesday. The stock went up 0.66% ($2.02) to $307.20, which was also the highest price during the trading session and a level not seen since February 15th ($307.33).
Shares of Lockheed Martin Corporation have risen 17.32% so far in 2019 compared with an 11.08% gain for the benchmark index, S&P 500 (SPX).
In 2018, Lockheed Martin’s stock went down 18.44%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
Lockheeds jet is facing competition from Boeing’s F/A-18, Dassault Aviation’s Rafale, Saab’s Gripen, among others for the air force order, Reuters reported.
Lockheed Martin is to collaborate with Tata Advanced Systems in the development of the combat jet in India, the security and aerospace company said.
“The F-21 is different, inside and out,” Vivek Lall, vice president of Strategy and Business Development for Lockheed Martin Aeronautics, was quoted as saying by Reuters.
According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Lockheed Martin’s stock price, have a median target of $335.00, with a high estimate of $405.00 and a low estimate of $290.00. The median estimate represents a 9.05% upside compared to the closing price of $307.20 on February 20th.
The same media also reported that 13 out of 23 surveyed investment analysts had rated Lockheed Martin Corporation’s stock as “Buy”, while 8 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Lockheed Martin Corporation (LMT) are presented as follows:
Central Pivot Point – $304.45
R1 – $310.11
R2 – $312.98
R3 – $318.64
R4 – $324.29
S1 – $301.58
S2 – $295.92
S3 – $293.05
S4 – $290.17