Northrop Grumman downgraded to Hold from Buy at Truist

Truist downgraded Northrop Grumman (NOC) to Hold from Buy with a price target of $623, down from $688. Northrop Grumman is expected to retain its leading positions across the nuclear triad and key defense platforms, with potential upside from B-21 units and new program wins, however, current valuation appears to reflect these positives, and possible margin and free cash flow pressures may limit further financial upside over the next 12-24 months, the analyst tells investors in a research note.