Wells Fargo Bumps Up Price Targets For Some Aerospace & Defense Companies

Akanksha Bakshi
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Wells Fargo analyst Matthew Akers raised price targets for certain Aerospace & Defense companies.

  • The analyst upgraded Northrop Grumman Corp (NYSE: NOC) to Equal Weight from Underweight and raised the price target to 9, from $335.

  • Akers believes the outlook is de-risked following initial 2022 guidance, margins have held up better-than-expected, and tough talk on nuclear weapons during 2020 campaigns doesn't appear to have translated to GBSD funding pressure.

  • The analyst upgraded L3Harris Technologies Inc (NYSE: LHX) to Overweight from Equal Weight and raised the price target to 4, from $243.

  • Akers sees a portfolio well-matched to U.S. defense priorities with less single-program risk, trading at a discount to its peers.

  • The analyst increased General Dynamics Corp's (NYSE: GD) price target to 5 (an upside of 12%) from $230 and maintained an Overweight rating on the shares.

  • Akers notes General Dynamics remains his top pick in the defense group and should benefit from business jet strength and improving capital deployment with large investments now behind.

  • The analyst raised Lockheed Martin Corp's (NYSE: LMT) price target to 9 (an upside of 4%) from $340 and maintained an Equal-Weight rating on the shares.

  • Price Action: NOC shares are trading higher by 0.57% at $402.69, LHX higher by 1.68% at $223.47, GD lower by 0.84% at $210.30, and LMT higher by 1.09% at $364.13 on the last check Monday.

Latest Ratings for NOC

Jan 2022

Wolfe Research

Downgrades

Outperform

Peer Perform

Jan 2022

Wells Fargo

Upgrades

Underweight

Equal-Weight

Jan 2022

Jefferies

Downgrades

Buy

Hold

View More Analyst Ratings for NOC
View the Latest Analyst Ratings

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