Lockheed selected for NGI awarded over Northrop Grumman, says Jefferies

Jefferies analyst Sheila Kahyaoglu reiterated a Hold rating and $485 price target on Lockheed Martin (LMT) after Reuters reported that the U.S. Missile Defense Agency awarded the company the $17B Next Generation Interceptor contract. The firm noted that, in March 2021, Lockheed and Northrop Grumman (NOC) were downselected for the NGI program, receiving a $3.7B and $3.9B contract, respectively. The news also comes after MDA head Lieutenant General heath Collins testified last week at a House Armed Services Committee hearing that there was enough available information with the existing bids to downselect in April, the analyst tells investors in a research note.