Northrop Grumman price target lowered to $410 from $450 at Wolfe Research

Wolfe Research lowered the firm’s price target on Northrop Grumman to $410 from $450 and keeps an Underperform rating on the shares post the Q4 report. The company’s B-21 program profit position “continued to slide in the wrong direction” with a $1.6B charge, which is 30% bigger than feared, the analyst tells investors in a research note. The firm says it is hard to see Northrop’s “six-turn” multiple premium on free cash flow holding.