The American company has played an outsized role in Tel Aviv’s bombing and invasion of Gaza since Oct. 7.
by Nick Cleveland-Stout, Responsible Statecraft
Over the weekend, Iran launched over 300 missiles at Nevatim Air Base, a base in southern Israel that houses U.S.-made F-35 fighter jets. Israeli Prime Minister Benjamin Netanyahu, who oversaw a strike on an Iranian consulate in Syria just a few weeks ago, has already promised to retaliate. Observers viewed these brewing tensions with concern, ringing the alarm bells of the breakout of a wider war.
Not JP Morgan analyst Seth Seifman. On Monday morning, Seifman upgraded JPMorgan’s outlook from “hold” to “buy” for Lockheed Martin, the manufacturer of Israel’s F-35s, and set a higher price target for the stock.
Seifman says the change was pre-planned, but noted that these developments could be good for business. “What we can say is that it’s a dangerous world and while that is not a sufficient condition for defense stocks to outperform,” he said, “it is a potential source of support, especially when they are under-owned.” JP Morgan owns $355 million worth of Lockheed Martin stock, about a third of which was bought in the last quarter of 2023.
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