BofA upgraded HII (HII) to Neutral from Underperform with a price target of $400, up from $300. The firm expects the “vast amount of money” flowing into the shipbuilding industry to continue to bolster HII and government support for the maritime industrial base to alleviate some labor and supply chain challenges, the analyst tells investors. While execution still remains a risk, it does appear offset by end market growth as the Navy awards Virginia Class Block VI, the new frigate program matures, and the administration finalizes its plans for the Trump-class battleship, the analyst added.
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