Baird analyst Peter Arment lowered the firm’s price target on Northrop Grumman to $475 from $505 and keeps a Neutral rating on the shares. The firm said the looming B-21 operating charge was finally realized in 4Q23 totaling $1.6 billion, reflecting the reality of a fixed-priced LRIP contract that was established in 2015 with a cost profile that is materially different eight years later which has been the concern for investors thinking about the overhang on margins and FCF.
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