Initiate Overweight on LMT via staged entry, targeting $650 over 3-6 months. Commit 33–40% of intended weight on pullbacks into the $575–$580 zone (10 EMA retest), with remaining capital for deeper pullbacks to $565–$575 (20 SMA/10 EMA confluence). Hard stop at $542 (below 200 SMA), with mental reassessment at $553. Trim 25% into $615–$622 resistance and another 25% on push toward $650+. Hedge via $580/$540 protective put spread on initial tranche to cover Iran-Hormuz de-escalation tail risk and thin sentiment data.