Jefferies Raises Price Target on Northrop Grumman (NOC) Following 3Q Beat
Jefferies reiterated a Buy rating on Northrop Grumman (NYSE: NOC), and raised the price target to $260.00 (from $250.00), following the company's 3Q earnings report. NOC reported EPS of $3.35, 20c ahead of expectations. Management increased 2016 EPS guidance to be in the range of $11.55-$11.75 up from $10.75- $11.00. The revenue guidance was raised by 1% at the mid-point.
Analyst Howard Rubel commented, "NOC reported Q3:16 EPS from cont. ops of $3.35, which topped expectations due to $0.20 of better operational performance. The 2016 EPS guidance range was raised to reflect better ops and a one-time tax benefit of $0.20. Our 2016 EPS est. is raised to $11.70 from $11.05. Our 2017 and 2018 EPS estimates increase to $11.90 and $13.00 from $11.45 and $12.85, respectively."
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Shares of Northrop Grumman closed at $228.05 yesterday.