Zacks upgraded shares of Northrop Grumman Corp. (NYSE:NOC) from a neutral rating to an outperform rating in a report released on Friday, Analyst Ratings Network reports. Zacks currently has $132.00 price objective on the stock.
Zacks’ analyst wrote, “We are upgrading our recommendation on Northrop Grumman Corp. to Outperform from Neutral based on the company’s solid third quarter 2013 results. Northrop’s top and bottom line succeeded in beating the Zacks Consensus Estimate. Also, earnings were up year over year. The results reflect strong operational performance and a lower share count. Though a constrained budget environment continued to dent the backlog, the company’s focus on superior program performance, effective cash deployment, and portfolio alignment will keep it well positioned. Going forward, the company offers a strong program portfolio positioned to take advantage of focus areas in the defense space, an improving balance sheet and an ongoing share repurchase program.”
A number of other firms have also recently commented on NOC. Analysts at Sanford C. Bernstein raised their price target on shares of Northrop Grumman Corp. from $107.00 to $112.00 in a research note to investors on Wednesday, November 6th. They now have a market perform rating on the stock. Separately, analysts at RBC Capital reiterated a hold rating on shares of Northrop Grumman Corp. in a research note to investors on Monday, November 4th. They now have a $110.00 price target on the stock. Finally, analysts at Barclays raised their price target on shares of Northrop Grumman Corp. from $95.00 to $110.00 in a research note to investors on Monday, November 4th. They now have an equal weight rating on the stock. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $101.85.
Northrop Grumman Corp. (NYSE:NOC) traded up 1.51% on Friday, hitting $111.18. The stock had a trading volume of 737,316 shares. Northrop Grumman Corp. has a 52-week low of $64.02 and a 52-week high of $110.76. The stock has a 50-day moving average of $102.8 and a 200-day moving average of $91.51. The company has a market cap of $24.681 billion and a P/E ratio of 13.09.
Northrop Grumman Corp. (NYSE:NOC) last announced its earnings results on Wednesday, October 23rd. The company reported $2.14 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.82 by $0.32. The company had revenue of $6.10 billion for the quarter, compared to the consensus estimate of $5.96 billion. During the same quarter in the prior year, the company posted $1.82 earnings per share. The company’s quarterly revenue was down 2.6% on a year-over-year basis. Analysts expect that Northrop Grumman Corp. will post $8.10 EPS for the current fiscal year.
Northrop Grumman Corporation (NYSE:NOC) provides products, services, and integrated solutions in aerospace, electronics, information and services to its global customers.
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