EU Approves Ukraine's Purchase of Patriot Missiles, Boosting Lockheed Martin
The European Union has approved the use of 3.2 billion euros ($3.7 billion) from its Ukraine Support Loan to purchase Patriot interceptor missiles for Ukraine as it faces ongoing Russian attacks and depleting air defenses. The decision benefits Lockheed Martin (LMT), which produces the PAC-3 MSE interceptors used in the system. Lockheed has seen increased demand due to global efforts by Western nations to replenish missile stockpiles, including a recent $53.86 billion U.S. contract that will allow it to triple production capacity by 2030. The company reported second-quarter sales of $20 billion and raised its full-year revenue forecast to as much as $81.75 billion. The move has been positively received in the market, with UBS upgrading Lockheed’s stock rating from neutral to buy and raising its price target.
Tickers: $LMT
Topics: EU funding Lockheed Martin Patriot missiles Ukraine war