Deutsche Bank upgraded Northrop Grumman (NOC) to Buy from Hold with a price target of $700, up from $575, as part of a Q3 earnings preview for the defense group. The firm sees strong free cash flow for Northrop after 2028 as the B-21 bomber program becomes cash profitable and the Sentinel weapons system gets closer to the production stage. Northrop remains arguably the least exposed to low-end disruption risk in the sector, with mitigating risks to the multiple as newer entrants make headway, the analyst tells investors in a research note.
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