Northrop Grumman downgraded to Peer Perform at Wolfe Research on B-21 overhang
The Fly

Northrop Grumman downgraded to Peer Perform at Wolfe Research on B-21 overhang

Wolfe Research analyst Myles Walton downgraded Northrop Grumman to Peer Perform from Outperform and removed its prior $580 price target after the company’s Q4 report brought "an unwelcome question on profitability" about one of the company’s largest contracts, the B-21. With the stock at the high end of its trading range, and against a backdrop where fears of slowing defense budget growth have entered the debate, the firm fears that the B-21 overhang might not be going away quickly and it moves to the sideline given lower estimates and questions about a margin recovery.

Published first on TheFly

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