Northrop Grumman Corporation (NYSE:NOC) is among the 10 Best Defense Stocks to Buy in the S&P 500. On January 15, UBS analyst Gavin Parsons lifted the firm’s price target on the stock to $777 from $770, while keeping a Buy rating.
The update follows Citigroup’s adjustment on the stock on January 13, when the firm hiked its price target on the company’s shares to $715 from $654 and reiterated a Buy rating, as it revised its position on stocks in the aerospace and defense sector, citing strong momentum.
Based on the ratings of 13 analysts, Northrop Grumman Corporation is a Moderate Buy. The stock has a one-year average share price target of $692.08, representing an upside of 3.78% as of the close on January 19.
On January 12, the company was awarded a $233 million contract to manufacture a new advanced lightweight torpedo for the U.S. Navy, which will feature improved lethality. The agreement will also include manufacturing proof and delivery for the qualification phases.
This follows a $94.3 million contract secured from the Navy on January 7 to build a new second-stage solid rocket motor for missile programs to guard against aerial, surface, and hypersonic threats.
Northrop Grumman Corporation is one of the world’s largest defense contractors. It is engaged in the design, development, integration, and maintenance of advanced systems across aeronautics, space, defense electronics, and mission solutions.
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