Northrop Grumman price target raised to $580 from $574 at UBS

UBS analyst Gavin Parsons raised the firm’s price target on Northrop Grumman to $580 from $574 and keeps a Buy rating on the shares. Northrop Grumman delivered strong revenue growth in the quarter, on both long-cycle programs like B-21 and Sentinel but also short-cycle programs, while expanding margins year over year and vs. consensus, the analyst tells investors in a research note. The company reiterated guidance, though UBS sees upside for the year given a strong first half, supportive budgets, and encouraging margin trends.