Shares of Northrop Grumman (NYSE:NOC) are down today, which can be attributed to an analyst downgrade. Cai von Rumohr of Cowen & Co. changed his rating from Buy to Hold while assigning a price target of $478 per share. For reference, his previous price target was $500.
Cai von Rumohr is concerned about Northrop Grumman’s development of its B-21 Raider stealth bomber. Management said it’s possible that it can lose $1.2 billion over the next five years on its development.
Overall, Wall Street analysts have a consensus price target of $514.71 on NOC stock, implying over 17% upside potential, as indicated by the graphic above.