RBC cuts Lockheed Martin to 'sector perform' on concerns over F-35 sales

RBC downgrades defense contractor Lockheed Martin LMT.N to "sector perform" from "outperform", cuts PT to $480 from $550

Cites concerns about international sales of F-35 jet and U.S. budget pressure

"We see limited risk of (F-35) order cancellations, but we believe headline risk remains an overhang ... under the Trump administration" - RBC

Shares down 0.7% at $442.04 premarket

Last week, U.S. President Donald Trump awarded Boeing BA.N the contract to build F-47 fighter jet over LMT

Analysts' average rating is equivalent of "hold"; median PT $525- data compiled by LSEG

Shares down ~8.4% YTD vs ~9% increase in S&P 500 Aerospace and Defense index .SPLRCAERO