Lockheed's exposure to space related revenue, including Mars exploration, is not being appreciated by the market. Lockheed's own lowball guidance is for $26 in EPS this year, which works out to a forward P/E of 12.69 on a share price of $330. I believe this is too low for a price for a company that has nearly guaranteed sales to the government for the next decade, and the potential growth that comes with being one of the key developers within space exploration projects over the next decade.
I believe a fair value for Lockheed Martin is $390 and that Lockheed is likely to trade at or above this price within the next 12 months. Moreover, I believe that Lockheed's space related assets are likely to receive a market premium in the coming quarters that could increase its market valuation into the mid $400s.