Friday, February 26, 2010

Northrop Grumman’s Estimates, Target Boosted at Citigroup (NOC)

Northrop Grumman’s Estimates, Target Boosted at Citigroup (NOC)
February 26th, 2010

Security specialist Northrop Grumman Corporation (NOC) saw its earnings estimates and price target raised on Friday by analysts at Citigroup.

The firm said it now sees shares of NOC, which had closed at $61.12 on Thursday, reaching $62. Citigroup also raised its earnings estimates for the company 2011, citing Northrop’s recently raised guidance.

Northrop Grumman shares were mostly flat in premarket trading Friday.

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 2.81%, based on last night’s closing stock price of $61.12. The stock has technical support in the $55 price area. If the shares can firm up, we see overhead resistance around the $65 price level. We would remain on the sidelines for now.

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

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