Bernstein raised the firm’s price target on Northrop Grumman (NOC) to $586 from $531 and keeps a Market Perform rating on the shares. The firm cites more positive budget trends. Heading toward Q2 reporting, each defense company will need to provide investors with confidence that its key issues are in the past, Bernstein says. The firm sees Q2 reporting as offering potential for an inflection in defense stock performance.
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