RBC Capital raised the firm’s price target on Northrop Grumman to $475 from $450 and keeps a Sector Perform rating on the shares after its Q1 earnings beat. The company’s growth was led by Aeronautics, which rose 18% y/y, while its better than expected operating margins of 10.9% was a positive, the analyst tells investors in a research note. Northrop Grumman’s free cash flow drain was worse than expected, but the company expects strong Q2 free cash flow for the remainder of the year, the firm added.
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