Space Shots Drive a Massive Northrop Grumman (NOC) Beat - Jefferies
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Jefferies analyst Sheila Kahyaoglu reiterated a Buy rating and $420.00 price target on Northrop Grumman (NYSE: NOC) after 10% organic revenue growth leads the pack with primes up 5% and defense suppliers down 5%.
The analyst stated "The 4-5% organic growth outlook for the year is likely conservative, w/ opportunities for Space (37% organic growth in the Q) to outperform. NOC revenue could expand 4% organically in 2021 and accelerate to 6% in 2022, while segment earnings advance 8% (organic) and 7%." "Q2 EPS beat our ests by $0.63 aided by a $0.75 segment earnings beat. We raise our estimates to account for Q2 gains, but take a more tempered view on H2 on Space. Our 2021 Adj. EPS rises to $24.70 ($24.40-$24.80 guidance) up from $24.30 previously. We forecast $25.80 in 2022, which is driven by 6% revenue growth offset by a potential $285MM ($1.45/share AT) headwind from lower CAS."
Shares of Northrop Grumman closed at $363.02 yesterday.
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