Northrop Grumman initiated with a Buy at BTIG

BTIG initiated coverage of Northrop Grumman with a Buy rating and $565 price target. The analyst expects the company to be one of the fastest growing among the defense prime contractors through the remainder of the decade given its exposure to high-growth end markets like space and incumbency on multiple critical programs of record that are deemed critical to national security. When coupled with strong free cash flow that is largely returned to shareholders through the form of buybacks and dividends, Northrop is the most attractive long-term defense name, contends BTIG.