Argus raised the firm’s price target on Northrop Grumman (NOC) to $785 from $625 and keeps a Buy rating on the shares. The firm says that demand for defense spending should increase, driving strong cash flow and margin expansion at Northrop. The company’s “near-record backlog, along with rising global geopolitical tensions, should accelerate growth well into the future,” the analyst tells investors in a research note.
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