Cowen analyst Cai von Rumohr downgraded Northrop Grumman to Market Perform from Outperform with a price target of $478, down from $500. The company’s annual filing revelation of "reasonably possible" loss on B-21 LRIP work "looks like an extended overhang to what’s been the sector’s cleanest growth story," the analyst tells investors in a research note. The firm believes B-21 uncertainty may cap Northrop’s valuation upside.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on NOC:
- Northrop Grumman Receives Analyst Downgrade, Shares Slide
- Northrop Grumman says ‘performing exceptionally well’ on B-21 program
- Northrop Grumman says entering 2023 with strong backlog of $79B
- Northrop Grumman provides 2023 sector guidance
- Northrop Grumman Releases Fourth Quarter and Full-Year 2022 Financial Results
