Lockheed Martin Q2 sales beat amid moves to replenish weapons stockpiles

Sales rose across all segments, driven by increased production volumes and munitions ramps.

Higher sales in integrated air and missile defense programs, including PAC-3 and THAAD, as well as tactical missiles, contributed to growth.

The current average analyst rating on the shares is "buy", with 9 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell".

The average consensus recommendation for the aerospace and defense peer group is "buy". Wall Street's median 12-month price target for Lockheed Martin Corp is $591.00, about 14.9% above its July 22 closing price of $514.36. The stock recently traded at 17 times next 12-month earnings, versus a P/E of 20 three months ago.

Lockheed Martin said second-quarter sales rose 11% year over year, beating analyst expectations, while net earnings and earnings per share rose sharply from the prior year, reflecting the absence of large program losses.