Northrop Grumman price target lowered to $535 from $615 at Susquehanna

Susquehanna analyst Charles Minervino lowered the firm’s price target on Northrop Grumman to $535 from $615 and keeps a Positive rating on the shares. The analyst continues to believe the fundamental backdrop for the defense industry is highly favorable with budget growth in the US and internationally leading to a multi-year growth cycle for defense. While EPS growth in the near-term is a bit tempered due in part to non- operational items, the firm maintains its rating,