Bernstein raised the firm’s price target on Northrop Grumman (NOC) to $674 from $630 and keeps a Market Perform rating on the shares ahead of quarterly results. The firm views Northrop as a key beneficiary of the 2026 budget proposal. The company is expected to gain from increased funding for the Sentinel and B-21 programs, with the 2026 budget more than doubling allocations for both compared to the 2025 enacted levels. TACAMO and E-2D programs also received budget increases. Bernstein expects benefits as well from Golden Dome spending. Given its involvement in nuclear deterrence, munitions, missiles, and space, the firm believes Northrop aligns well with the strategic priorities of the DoD.
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