Why These Defense Stocks Are Gaining This Week

2. Northrop Grumman Corporation (NYSE:NOC)

Weekly Gains: 4.38%

Northrop Grumman Corporation (NYSE:NOC) is one of the largest defense contractors in the world. It is manufacturing the B-21 Raider for the United States Air Force (USAF).

On March 18, the company clinched a follow-on contract from the USAF to connect airborne platforms with faster and secure communications. Under the contract, Northrop Grumman Corporation (NYSE:NOC) will deliver the NG InSight processor, which will keep warfighters connected and adaptable in complex mission environments.

This week, RBC Capital upgraded the stock’s rating from Sector Perform to Outperform and also raised its price target from $500 to $575 per share. With returns of 4.38% since Monday, Northrop Grumman Corporation (NYSE:NOC) is among the defense stocks gaining this week.