Cowen analyst Cai von Rumohr raised their price target on Northrop Grumman (NYSE: NOC) to $175.00 (from $155.00) following Q2 results but maintained a Neutral rating.

von Rumohr commented, "Q2 continues NOC's impressive string of broad-based beat & raises; and healthy new business potential could bolster outyears. But NOC's 11.9+x 2016E TEV/EBITDAP already is somewhat above its peers. Our new price target of $175 assumes a 15.8x CY16E P/E."

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Shares of Northrop Grumman closed at $173.44 yesterday.