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According to The New York Times, U.S. forces have recently conducted strikes on Iran’s Gulf Coast. Cynically, this geopolitical flashpoint potentially opens the door to defense contractor Lockheed Martin (LMT). While LMT stock has gained more than 10% on a year-to-date basis, since the beginning of March, the security is down around 20%. As such, it has triggered a Weak Sell warning from the Barchart Technical Opinion indicator.
Nevertheless, as some experts have argued, the correction may represent a buying opportunity for LMT stock. Essentially, LMT was previously perceived to be overbought. With the defense specialist suffering a poor first-quarter earnings report — in which the company slipped against both headline numbers — the underlying security has been rerated to a more rational valuation.
