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Fly News Breaks for May 18, 2018
NOC
May 18, 2018 | 07:45 EDT
RBC Capital analyst Matthew McConnell raised his price target on Northrop Grumman (NOC) to $431 and kept his Outperform rating, citing better accretion from Orbital ATK (OA) deal. The analyst says the tailwinds since the acquisition announced last September include 3 quarters of better than expected revenues, growth in backlog, positive tax reform, and an improved FY18 budget. McConnell adds that the disclosure around Orbital's FY18 revenue expectations in its recent 10-Q filing also suggests that consensus is "meaningfully low".
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