Northrop Grumman price target lowered to $525 from $547 at Wells Fargo

Wells Fargo analyst Matthew Akers lowered the firm’s price target on Northrop Grumman (NOC) to $525 from $547 and keeps an Overweight rating on the shares. The firm notes Northrop Grumman lost nearly $10B of market cap on a less than $0.5B charge, which could potentially set it up for more future B-21 work. Post Wells’ callback, it still sees Northrop Grumman as best positioned in the face of budget uncertainty.