Citi upgraded Northrop Grumman (NOC) to Buy from Neutral with an unchanged price target of $587. The firm expects to hear positive commentary from commercial aftermarket suppliers in Q4, saying traffic looks poised to grow above trend in 2025, and from commercial original equipment exposed names as production rates head higher. Further, defense contractors will be “somewhat balanced,” with positive commentary on demand from Europe, but some level of caution on the US given the Presidential transition, the analyst tells investors in a research note. Citi upgraded Northrop citing the stock’s “compelling valuation” following the 15% selloff since the U.S. Presidential election in November. It thinks investors have become too cautious on the outlook for defense spending.
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