- Jefferies analyst Sheila Kahyaoglu downgraded Northrop Grumman Corp NOC to Hold from Buy with an unchanged price target of $410 (an upside of 3%).
- Northrop Grumman was a top-performing defense stock and the analyst's top pick in 2021.
- Kahyaoglu forecasts decelerating growth in the 3.4% compound annual growth range from 2022-2023 for Northrop Grumman with "limited opportunity for upside as a platform supplier with plateauing programs."
- The analyst also sees "flattish" segment margins in 2022 and limited potential for incremental capital deployment, leaving Northrop Grumman lacking near-term catalysts.
- Price Action: NOC shares are trading lower by 0.05% at $396.79 on the last check Wednesday.
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