UPDATE: UBS Downgrades Northrop Grumman (NOC) to Sell; Large Risk to U.S. Budget

(Updated - September 13, 2012 10:55 AM EDT)

UBS downgraded Northrop Grumman (NYSE: NOC) from Neutral to Sell. PT raised $1 to $64.

Analyst, David E. Strauss, said, "NOC has outperformed the market and defense from the bottom, all but eliminating its historical discount to the group. We are downgrading our rating given NOC’s outsized exposure to the declining US budget and potential sequestration. Our forward EPS estimates are well below consensus expectations."

FY13 EPS estimates lowered from $7.20 to $7.05.

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 $67.93 yesterday.

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