Lockheed Martin falls after BofA downgrades to 'neutral'

Shares of U.S. defense contractor Lockheed Martin LMT.N fall 2% to $430 premarket

BofA Global Research downgrades LMT to "neutral" from "buy"

"While it is our expectation that defense budgets will rise, we remain wary of LMT's recent quality of earnings, the loss of all 6th Gen manned tactical aircraft programs and lack of company-specific catalysts in the near term" - brokerage

Cuts PT to $485 from $685, which still implies a 10% upside to stock's last close

Last week, U.S. President Donald Trump picked Boeing BA.N over LMT for fighter jet contract

12 of 24 brokerages rate LMT "buy" or higher, 11 "hold" and one "sell"; median PT is $525 - data compiled by LSEG

As of last close, stock down 9.5% YTD