Goldman Sachs Upgrades Northrop Grumman (NOC) to Neutral; Coming Back Onto Radar Screens
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Price: $83.41 -0.62%
Rating Summary:
3 Buy, 9 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
3 Buy, 9 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade NOC Now!
Goldman Sachs upgraded Northrop Grumman (NYSE: NOC) from Sell to Neutral, price target raised from $71 to $74.
Analyst, Noah Poponak, said, "Our previously more cautious view on NOC was largely driven by our top-down previously very cautious Defense sector view. We thought the degree of DoD budget reductions would surprise negatively, and that NOC should therefore be avoided as it is one of the purest plays on US platform Defense spending. While our view of the future DoD spending outcome is mostly unchanged, we now believe the market and the contractors also recognize growth is unlikely, and that in such an environment the ability to change the capital deployment strategy becomes paramount. In our view NOC has been the most willing of all the large-cap primes to face the realities of the new Defense spending landscape, and turn the focus from growth to margin/ROIC improvement and stronger cash generation."
For an analyst ratings summary and ratings history on Northrop Grumman click here. For more ratings news on Northrop Grumman click here.
Shares of Northrop Grumman closed at $58.64 yesterday, with a 52 week range of $49.20-$70.61.
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Analyst, Noah Poponak, said, "Our previously more cautious view on NOC was largely driven by our top-down previously very cautious Defense sector view. We thought the degree of DoD budget reductions would surprise negatively, and that NOC should therefore be avoided as it is one of the purest plays on US platform Defense spending. While our view of the future DoD spending outcome is mostly unchanged, we now believe the market and the contractors also recognize growth is unlikely, and that in such an environment the ability to change the capital deployment strategy becomes paramount. In our view NOC has been the most willing of all the large-cap primes to face the realities of the new Defense spending landscape, and turn the focus from growth to margin/ROIC improvement and stronger cash generation."
For an analyst ratings summary and ratings history on Northrop Grumman click here. For more ratings news on Northrop Grumman click here.
Shares of Northrop Grumman closed at $58.64 yesterday, with a 52 week range of $49.20-$70.61.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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