Citi analyst John Godyn lowered the firm’s price target on Northrop Grumman (NOC) to $628 from $742 and keeps a Buy rating on the shares. The firm updated models in the aerospace and defense sector, saying it does not expect an “immediate V-shaped rally” without a resolution to the Middle East conflict. However, Citi sees buying opportunities following the recent selloffs, expecting the aerospace group to rally first, followed by defense.
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