Northrop Grumman Downgraded at Argus Research on Lower Defense Spending (NOC)

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Defense contractor Northrop Grumman Corporation ( NOC ) caught a downgrade late Monday from analysts at Argus Research.

The firm lowered its rating on NOC from "Buy" to "Hold," citing weak U.S. defense spending growth. This move follows a similar downgrade earlier this month by analysts at FBR Capital Markets.

Northrop Grumman shares were mostly flat in premarket trading Tuesday.

The Bottom Line
We have avoided shares of NOC since our early June 2008 coverage began, when the stock was trading at $71.70. The company has a dividend yield of 3.47%, based on last night's closing stock price of $54.25. The stock has technical support in the $50 price area. If the shares can firm up, we see overhead resistance around the $59-$60 price levels. We would remain on the sidelines for now.

Northrop Grumman Corporation ( NOC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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