Universal (PANL) (ROMA) (RTN) (ANFGY) (ABAX) (AYR) Get New Coverage

Universal Display Co. (NASDAQ: PANL), Roma Financial Corp. (NASDAQ: ROMA), Raytheon Company (NYSE: RTN), Antofagasta plc (NASDAQ: ANFGY), Abaxis, Inc. (NASDAQ: ABAX) and Aircastle Limited (NYSE: AYR) getting new coverage from analysts.

Universal Display Co. (PANL) is now covered by KeyBanc. They placed a “Buy” rating and a price target of $45.00 on the company.

Roma Financial Corp. (ROMA) is now covered by Stifel Nicolaus. They placed a “Hold” rating on the company.

Raytheon Company (RTN) is now covered by Sterne Agee. They placed a “Neutral” rating on the company.

Antofagasta plc (ANFGY) is now covered by Natixis. They placed a “Neutral” rating on the company.

Abaxis, Inc. (ABAX) is now covered by Canaccord Genuity. They placed a “Hold” rating and a price target of $30.00 on the company.

Aircastle Limited (AYR) is now covered by Morgan Stanley (NYSE:MS). They placed an “Equal Weight” rating on the company.

Boeing (BA) (NOC) Lands $3.5 Billion Contract

Shares of Boeing Co. (NYSE:BA) and Northrop Grumman Corp. (NYSE:NOC) could be poised to jump today after news on Friday the two were awarded a contract worth $3.5 billion from the Defense Department of the United States. The contract extends over a period of seven years.

Losing out in the deal are Lockheed Martin Corp. (NYSE:LMT) and Raytheon Co. (NYSE:RTN), which were battling Boeing and Northrup to land the deal.

The contract is for the purpose of developing, testing, engineering and manufacturing antimissile systems.

Northrop Grumman closed Friday at $58.48, dropping $0.41, or 0.70 percent. Boeing closed at $73.35, falling $0.76, or 1.03 percent.

AAR (AIR) (RTN) (SAAS) (SWKS) (ACXM) (APOG) Ratings Reiterated

AAR Corp. (NYSE: AIR), Raytheon Company (NYSE: RTN), inContact, Inc. (NASDAQ: SAAS), Skyworks Solutions, Inc. (NASDAQ: SWKS), Acxiom Co. (NASDAQ: ACXM) and Apogee Enterprises (NASDAQ: APOG) had ratings on them reiterated by analysts.

Zacks Investment Research reiterated its “Neutral” rating on Raytheon Company (RTN). They have a price target of $48.00 on the company.

Benchmark Co. reiterated its “Buy” rating on inContact, Inc. (SAAS). They have a price target of $6.00 on the company.

Barclays Capital (NYSE:BCS) reiterated its “Overweight” rating on Skyworks Solutions, Inc. (SWKS).

Zacks Investment Research reiterated its “Neutral” rating on Acxiom Co. (ACXM). They have a price target of $13.00 on the company.

Auriga reiterated its “Hold” rating on AAR Corp. (AIR). They have a price target of $20.00 on the company.

Zacks Investment Research reiterated its “Neutral” rating on Apogee Enterprises (APOG). They have a price target of $12.00 on the company.

Teck (TCK) (RTN) (RSH) (OIS) (KEG) (LLY) Upgraded

Teck Resources Limited (NYSE: TCK), Raytheon Company (NYSE: RTN), RadioShack (NYSE: RSH), Oil States International, Inc. (NYSE: OIS), Key Energy (NYSE: KEG) and Eli Lilly & Co. (NYSE: LLY) upgraded by analysts.

Teck Resources Limited (TCK) was upgraded by BB&T (NYSE:BBT) from a “Hold” rating to a “Buy” rating.

Raytheon Company (RTN) was upgraded by Sanford C. Bernstein from a “Market Perform” rating to an “Outperform” rating.

RadioShack (RSH) was upgraded by Goldman Sachs (NYSE:GS) from a “Neutral” rating to a “Buy” rating. They have a price target of $18.00 on the company.

Oil States International, Inc. (OIS) was upgraded by Credit Suisse (NYSE:CS) from a “Neutral” rating to an “Outperform” rating. They

have a price target of $110.00 on the company.

Key Energy (KEG) was upgraded by Weeden from a “Hold” rating to a “Buy” rating. They have a price target of $26.00 on the company.

Eli Lilly & Co. (LLY) was upgraded by Leerink from an “Underperform” rating to a “Market Perform” rating.

Dividend Yields for (ZION) (FHN) (STI) (LMT) (RTN)

Indicated dividend yields for Standard & Poor's 500 Index companies Zions Bancorporation (ZION), First Horizon National Corp (FHN), SunTrust Banks Inc (STI), Lockheed Martin Corp (LMT) and Raytheon Co (RTN).

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

First Horizon National Inc (FHN) has a dividend yield of 0.37 percent on a declared dividend of $0.01. The payout ratio is na.

Zions Bancorporation (FHN) has a dividend yield of 0.16 percent on a declared dividend of $0.01. The payout ratio is 12.3 percent.

SunTrust Banks Inc (STI) has a dividend yield of 0.14 percent on a declared dividend of $0.01. The payout ratio is 4.5 percent.

Lockheed Martin Corp (LMT) has a dividend yield of 3.79 percent on a declared dividend of $0.75. The payout ratio is 48.5 percent.

Raytheon Co (RTN) has a dividend yield of 3.54 percent on a declared dividend of $0.43. The payout ratio is 35.2 percent.

Citigroup (NYSE:C) Likes Lockheed (LMT), General Dynamics (GD), Northrop Grumman (NOC), Raytheon (RTN), Boeing (BA), Goodrich (GR), Precision Castpar

Being more positive on aerospace and defense than its colleagues, Citigroup (NYSE:C) said they see Lockheed (NYSE:LMT), General Dynamics (NYSE:GD), Northrop Grumman (NYSE:NOC), Raytheon (NYSE:RTN), Boeing (NYSE:BA), Goodrich (NYSE:GR), Precision Castparts (NYSE:PCP) benefiting from the current spending environment in the sectors.

Citi said, “We think investors are pricing zero to negative growth into defense stocks indefinitely. In a nutshell: The DoD has to spend money to refresh and update equipment.”

The giant bank sees defense moving away from R&D spending and moving spending to the procurement of existing weapon systems. That could boost margins for companies serving the sector, said Citigroup analysts Jason Gursky and Jonathan Raviv.

They also noted that companies could also focus more on selling to foreign and adjacent markets, boosting earnings there as well.

The analysts say stocks in the two sectors are trading at historically low valuations. Measured by earnings over the next 12 months, the companies are trading at 0nly 9 times expectations, below the 10 to 15 times in the past. The 9 times earnings is 35 percent below the broader market.

Gleacher on General Dynamics (NYSE:GD), Raytheon (NYSE:RTN), Lockheed Martin (NYSE:LMT)

After the briefing by Secretary of Defense Gates gave a road-map to the strategy of Pentagon spending over the next five years, Gleacher says they see large caps like General Dynamics (NYSE:GD), Raytheon (NYSE:RTN) and Lockheed Martin (NYSE:LMT) on solid footing.

Gleacher said, "Yesterday, Secretary of Defense Gates outlined how the Pentagon will reprioritize $100 billion in savings towards modernization, as well as an additional $78 billion in defense cuts over the next five years. The fiscal realignment recognizes the fact that defense budgets are not immune to the broader budget realities facing the nation. However, in prioritizing funding in favor of turnkey programs, the Gates program ensures that the past is not repeated where military capabilities are gutted. Rather, by proactively addressing the pending budgetary issues Gates has preempted Congress from making any irrational cuts to key programs due to mounting deficit pressures. Further, as we had anticipated, the briefing came with very few surprises, and in fact, the strong support toward modernization was actually better than expected.

"Given the slight growth provided by the Gates roadmap, solid balance sheets, strong cash flows and a potential for buy-backs, the large-cap defense group appears to have regained solid footing. Therefore, it is reasonable to assume that valuations of the group could lift from current levels at less than 10x P/E back to spring 2010 levels closer to 12x P/E. We reiterate our Buy ratings on General Dynamics (NYSE: GD) and Raytheon (NYSE: RTN), and while Lockheed Martin (NYSE: LMT) is Neutral rated, we expect the entire group to participate in this relief rally."

General Dynamics was trading at $72.16, up $0.77, or 1.08 percent, as of 1:21 PM EST. Raytheon was trading at $50.24, up $1.52, or 3.12 percent. Lockheed was trading at $73.81, gaining $0.63, or 0.86 percent.

Boeing (BA) (NOC) Awarded $3.5 Billion Contract

Shares of Boeing Co. (NYSE:BA) and Northrop Grumman Corp. (NYSE:NOC) could be poised to jump today after news on Friday the two were awarded a contract worth $3.5 billion from the Defense Department of the United States. The contract extends over a period of seven years.

Losing out in the deal are Lockheed Martin Corp. (NYSE:LMT) and Raytheon Co. (NYSE:RTN), which were battling Boeing and Northrup to land the deal.

The contract is for the purpose of developing, testing, engineering and manufacturing antimissile systems.

Northrop Grumman closed Friday at $58.48, dropping $0.41, or 0.70 percent. Boeing closed at $73.35, falling $0.76, or 1.03 percent.

Raytheon's (NYSE:RTN) Acquisition of APSG Will Boost Company Says Gleacher

Raytheon (NYSE:RTN) will gain some momentum on the acquisition of APSG, which they recently announced they're going to acquire.

Gleacher said about the deal: "RTN announced last week that it has entered into a definitive agreement to acquire APSG. RTN will commence a tender offer to purchase all outstanding shares APSG at a price of $38.00 per share in cash for an aggregate purchase price of - $490 million. The deal is expected to close very early in 1Q11.

"We have raised our 2011 and 2012 top-line by - $250 million and - $300 million, respectively to reflect the addition of APSG. Our new 2011 and 2012 GAAP EPS estimates are $4.85 (up $0.25) and $5.58 (up $0.08), respectively. 2010 remains unchanged at $4.60."

Gleacher & Co. maintains a "Buy" on Raytheon, which closed Monday at $45.57, losing $0.01, or 0.02 percent. Gleacher raised their price target on them to $55.

Raytheon's (NYSE:RTN) Second Half Looks Good

Citing conflicts without any apparent short-term solutions rising up around the world, Morgan Joseph sees eventual strong earnings from Raytheon (NYSE:RTN), with the second half expected to be solid for the company.

"While the continuing resolution funding U.S. government operations may delay the start of some programs, it appears that the pipeline of domestic and international business should lead to a strong back half of 2011," said Morgan Joseph.

The timing is in question as to when earnings will come from the sale of Patriot missile defense systems by various countries, and so does leave some doubt as to when, although not "if" the earnings will strengthen for them.

Raytheon closed Thursday at $47.07, gaining $0.73, or 1.58 percent. Morgan did lower their price target on them from $65 to $60.