Truist upgrade boosts Lockheed as UBS lift fuels Saab rally

Truist upgraded Lockheed Martin to buy this week, setting a new $605 price target and citing attractive valuation after underperformance, following UBS lifting its price target on Saab and reinforcing a wider defense rally.Michael Ciarmoli said Lockheed trades at 17 times forward earnings below the S&P 500 and peers, that reduced program risk and Donald Trump’s call for a larger military budget for 2027 could lift contract flows and international sustainment opportunities.The move echoed earlier sector gains as UBS raised Saab’s target to SEK 710 ahead of its year-end report in February, Saab rose to historic levels and analysts including Loredana Muharremi and Adrien Rabier pointed to a potential U.S. budget-driven defense supercycle and geopolitical tensions driving demand.