Huntington Ingalls upgraded to Overweight from Equal Weight at Barclays

Barclays analyst David Strauss upgraded Huntington Ingalls to Overweight from Equal Weight with a $270 price target. The analyst remains positive on the defense sector heading into 2023 citing accelerating modernization outlays the weak macro environment. With growth expectations reset lower, defense names offer upside as outlays normalize to the budget and Ukraine restocking begins, Strauss tells investors in a research note. While the sector trades at a small premium to the market, it is still at a 10% discount to its defensive peers, says the analyst.