Northrop Grumman’s Price Target Slashed at Citigroup (NOC)

By Staff,

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Defense contractor Northrop Grumman Corporation ( NOC ) on Thursday saw its price target cut significantly by analysts at Citigroup.

The firm said it lowered its target for NOC from $85 to $76 on a valuation call. That new target suggests a smaller 11% upside to the stock's Wednesday closing price of $68.59.

Citigroup maintained its "Buy" rating on NOC, however, noting that fundamentals remain strong.

Northrop Grumman shares were mostly flat in premarket trading Thursday.

The Bottom Line
Shares of Northrop Grumman ( NOC ) have a 2.74% dividend yield, based on last night's closing stock price of $68.59. The stock has technical support in the $64 price area. If the shares can firm up, we see overhead resistance around the $72 price level.

Northrop Grumman Corporation ( NOC ) is not recommended at this time, holding a 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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: NOC

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