BofA lowered the firm’s price target on Northrop Grumman to $655 from $700 and keeps a Buy rating on the shares. Northrop Grumman shares closed down after the company reported in-line Q4 with better-than-expected 2023 outlook on stronger projected Space Systems sales. In the firm’s view, investors were mainly concerned about a possible loss on B-21 low- rate initial production, weaker margins in Q4 and lackluster 2023 margin outlook, and lower than prior free cash flow guide. However, these concerns seem overdone, BofA says in a research note on Friday.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on NOC:
- Northrop Grumman Elects Stephen O’Bryan Corporate Vice President and Global Business Development Officer; David Perry to Retire
- Northrop Grumman Receives Analyst Downgrade, Shares Slide
- Northrop Grumman downgraded to Peer Perform at Wolfe Research on B-21 overhang
- Northrop Grumman price target lowered to $520 from $550 at RBC Capital
- Northrop Grumman downgraded to Peer Perform from Outperform at Wolfe Research