Northrop Grumman (NOC) PT Raised to $650 at BofA Securities

BofA Securities analyst Ronald Epstein raised the price target on Northrop Grumman (NYSE: NOC) to $650.00 (from $550.00) while maintaining a Buy rating.

The analyst comments "Northrop Grumman (NOC) stock rose 9.4% on the day of its print (vs. S&P500 up 0.1%), reflecting optimism that key programs are on schedule and prior charges have been sufficient to derisk. While we noted in 1Q that charges are often repeated, we see signs that B-21 is on more stable footing. Future charges remain possible, but we were intrigued by NOC’s dialogue about seeking “fair and equitable” returns on future LRIP and NTE lots. Investment in advanced capabilities and robust global demand support a leading portfolio well aligned with current and future defense priorities. We reiterate our Buy rating and raise our PO to $650 (vs. prior $550)."

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