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Northrop Grumman price target lowered to $655 from $700 at BofA
The Fly

Northrop Grumman price target lowered to $655 from $700 at BofA

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

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