The US Air Force and Navy plan to increase purchases of Lockheed Martin's (LMT) F-35 fighter jet over five years, despite criticism from Elon Musk and others that the aircraft is becoming obsolete, Bloomberg reports
- Air Force procurement would rise from 38 jets in FY27 to 42 in FY28, 46 in FY29, and 48 in both FY30 and FY31
Context
The US Air Force and Navy's decision to increase procurement of Lockheed Martin's F-35 suggests continued government support for defense spending, reinforcing Lockheed’s revenue stream amid some critiques of the aircraft's relevance. This could be seen as a bullish signal for Lockheed Martin shares, especially as defense budgets generally enjoy bipartisan support, which may prompt further investment sentiment towards the stock and the sector as a whole.
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