JPMorgan upgraded Huntington Ingalls to Overweight from Neutral with a price target of $247, down from $250. Huntington is down 10% the past three months on little news, and while it has been a tough market for defense stocks, the selloff creates an attractive entry point, the analyst tells investors in a research note. The firm sees sales visibility, potential for margin self-help, and a pick up cash flow and cash return coming next year. There is high visibility in Huntington’s shipbuilding operations, says JPMorgan.
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