US Top Rating Updates on 8/30: LMT, PDD, GPS, NOC and More

RBC Capital analyst Ken Herbert initiated coverage of $Lockheed Martin (LMT.US)$ with a Sector Perform rating and $460 price target. Given its position as the largest defense contractor globally, Lockheed is often viewed as a proxy for sentiment on the defense sector, said Herbert, who estimates the company will see low-single digit percentage top-line growth due to a flat outlook for the F-35.

Credit Suisse analyst Maheep Mandloi double downgraded $Azure Power Global (AZRE.US)$ to Underperform from Outperform with a price target of $5, down from $22. The analyst cites the CEO resignation two months after assumption of the role, a lack of visibility around its long term business targets, limited clarity on financials and a weaker portfolio performance for the downgrade.

JPMorgan analyst Jeffrey Zekauskas upgraded $Sealed Air (SEE.US)$ to Neutral from Underweight with a price target of $58, down from $62. The company's restructuring efforts are helping offset cost inflation, and the annualized effects of cost savings benefits are likely to mean that its operating cost structure for 2022 is "pointed in the right direction as price/cost turns positive," Zekauskas tells investors in a research note.