Amid falling stock markets and the value of cryptocurrencies, shares of Lockheed Martin Corporation soared to an unprecedented peak, reaching a historic high of $547.1, Investing.com reports. This was the result of the aerospace and defense giant’s strong performance over the past year, when its share price rose by 21.84%.

Deutsche Bank has already upgraded the company’s stock rating from “hold” to “buy”, raising its target price to $600. The rating upgrade was also influenced by Lockheed Martin’s strong performance in the second quarter: earnings per share (EPS) amounted to $7.11, which was 10% higher than expected, and revenue increased by 6% to $18.1 billion.

Amid rising geopolitical tensions, defense companies such as Lockheed Martin are expected to benefit from increased military spending. Last year, global defense spending reached a record high of $2.4 trillion.