BUZZ-Citi raises Northrop Grumman PT on strong demand
Reuters04-02
BUZZ-Citi raises Northrop Grumman PT on strong demand
** Citi raises Northrop Grumman NOC.N price target to $807 from $781 earlier; maintains "buy" rating
** New PT represents a 15.8% upside on stock's last close
** Brokerage cites the defense supplier's exposure to rising U.S. and international defense budgets
** Says wind down of unfavorable space programs to provide additional margin relief and rising backlog reflects robust order intake relative to sales
** As of last close, shares up 22.2% YTD
(Reporting by Parth Chandna)
((Parth.Chandna@thomsonreuters.com;))
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