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JPMorgan does not see Trump scrapping Lockheed's F-35 program
JPMorgan analyst Seth Seifman believes President-elect Donald Trump's tweet last night is about leverage and not a sign that the new administration will scrap Lockheed Martin's (LMT) F-35 program in favor of an upgraded Boeing (BA) F-18. The tweet could mean leverage over Lockheed on reducing the F-35 price, it may mean leverage over defense contractors more broadly, or it may be some combination of the two, Seifman tells investors in a research note. The analyst sees further headline risk for Lockheed and keeps a Neutral rating on the shares. The stock is down 2% to $247.17 in early trading