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 (NYSE:NOC) 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 (NYSE:NOC) 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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