UPDATE: Wolfe Research Assumes Northrop Grumman (NOC) at Outperform
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(Updated - April 9, 2021 3:42 AM EDT)
Wolfe Research analyst Michael Maugeri assumes coverage on Northrop Grumman (NYSE: NOC) with an Outperform rating.
The analyst commented, "Northrop Grumman has reramped Independent R&D (IRAD) spend as a portion of sales over the last couple of years to just below 3%. We expect it to stay in that range, but to grow in absolute dollars. We view IRAD spend as an enabler of growth that shows up outside the forecast period of most models. We found a strong correlation between IRAD spend and organic sales growth six years into the future. We also think it justifies the valuation premium Northrop Grumman’s stock has been ascribed over recent history."
Shares of Northrop Grumman closed at $333.97 yesterday.
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