Jefferies Raises Estimates, But Cuts target On Northrop Grumman (NOC)

Jefferies raised estimates but trimmed its price target on Northrop Grumman (NYSE: NOC) from $82 to $78, but is keeping their Buy rating.

The firm states, "NOC reported Q2 EPS of $1.81 vs. our estimate of $1.65 and year-ago results of $2.44. Excluding a tax benefit of $0.98, year ago results would have been $1.46. Despite revenues falling 9.6% to $6.56BB, Northrop was able to grow core EPS through improved operating performance and higher pension income. NOC continues to right size its business for an austere spending environment."

FY11 EPS goes from $6.65 to $6.95 and FY12 goes from $7.00 to $7.50

For more ratings news on Northrop Grumman click here and for the rating history of Northrop Grumman click here.

Shares of Northrop Grumman closed at $62.68 yesterday.

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