Northrop Grumman price target raised to $587 from $521 at Citi

Citi analyst Jason Gursky raised the firm’s price target on Northrop Grumman to $587 from $521 and keeps a Neutral rating on the shares as part of a Q3 earnings preview for the aerospace and defense group. The firm expects to hear positive commentary from commercial aftermarket suppliers as airlines look to fly older aircraft for longer given Boeing and Airbus production issues and the grounding of hundreds of Airbus aircraft. It also expects defense suppliers to speak constructively about the demand outlook given rising budgets in Europe and supplemental spending bills in the U.S.