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NOC

Northrop Grumman

$272.00

14.45 (5.61%)

16:49
12/10/18
12/10
16:49
12/10/18
16:49

Northrop Grumman announces change in pension accounting

Northrop Grumman is changing its method of accounting for pension and other post-retirement benefits to a more preferable method under U.S. GAAP. Beginning with Dec. 31, 2018 results, the company will adopt the mark-to-market method of accounting. Under MTM accounting, the company now plans to recognize pension and OPEB actuarial gains and losses, largely related to changes in discount rates and differences between expected and actual plan asset returns, in the fourth quarter of the year they are incurred rather than amortizing them over time. The elimination of amortization of gains and losses is expected to increase 2018 pre-tax earnings by $535M before the fourth quarter 2018 MTM adjustment. Assuming a 4.25% discount rate and zero percent plan asset returns in 2018, the increase in 2018 pre-tax earnings resulting from the elimination of amortization would be partially offset by a fourth quarter 2018 MTM adjustment of approximately $500M. The actual fourth quarter 2018 MTM adjustment will largely be determined based on actual 2018 plan asset returns and the year-end discount rate. For 2019, the adoption of the MTM method is expected to increase the company's net FAS/CAS adjustment to $1.35B from $750M, and increase pre-tax earnings by approximately $600M, before any fourth quarter 2019 MTM adjustment. The increase reflects the elimination of future amortization of actuarial gains and losses. Northrop Grumman will provide recast prior period financial statements, reflecting the effects of the adoption of the MTM method as described above, when it reports its fourth quarter and full year 2018 earnings results on January 31, 2019.

NOC Northrop Grumman
$272.00

14.45 (5.61%)

10/25/18
BARD
10/25/18
NO CHANGE
Target $394
BARD
Outperform
Northrop Grumman weakness a buying opportunity, says Baird
Baird analyst Peter Arment said the weakness in Northrop Grumman is a buying opportunity as he remains comfortable believing the company should continue to benefit from higher defense funding and the integration of the OA deal. Arment reiterated his Outperform rating and $394 price target on Northrop shares.
10/25/18
WELS
10/25/18
NO CHANGE
Target $340
WELS
Outperform
Northrop Grumman price target lowered to $340 from $360 at Wells Fargo
Wells Fargo analyst Sam Pearlstein lowered his price target for Northrop Grumman to $340 from $360 to reflect multiple contraction across the peer group. The analyst notes that the company's Q3 segment results beat expectations, but the shares sold off for general market weakness and a revised pension outlook that suggests 2019 GAAP EPS estimates were too high. Pearlstein views this as an overreaction as actual pension cash requirements increased only slightly, the company's organic growth outlook remains firm, and margins should be flat to up going forward. He reiterates an Outperform rating on the shares.
09/21/18
09/21/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. UBS SAYS BUY AT&T: UBS analyst John Hodulik upgraded AT&T (T) to Buy and raised his price target for the shares to $38 from $33, noting that the stock is trading near all-time low valuations and at its widest valuation gap to Verizon (VZ). The Time Warner transaction and accounting changes "have compounded [other] issues, leading to a loss of visibility for investors," but his work indicates that AT&T will return to EBITDA growth in the second half of 2018, after a 6% decline in the first half, due to growth in Wireless and WarnerMedia as well as slower declines in Entertainment. JPMORGAN GOES TO BULL FROM BEAR ON NOVAVAX: JPMorgan analyst Eric Joseph double upgraded Novavax (NVAX) to Overweight from Underweight saying the risk/reward is favorable into the report of Prepare trial data in Q1 of 2019. The trial is assessing the efficacy of the company's RSV F Vaccine for infants via maternal immunization and the analyst believes the shares can hit a range of $2.00 to $2.25, he told investors. JPMORGAN SUGGESTS BEING SHORT COPART, LONG KAR: JPMorgan analyst Ryan Brinkman downgraded Copart (CPRT) to Underweight and lowered his price target for the shares to $47 from $48. The company reported softer than expected Q4 results this week but trades at "near record multiples" of earnings and EBITDA, Brinkman told investors. The analyst sees a potential pair trade in going long KAR Auction (KAR) shares, and short Copart shares, to capitalize on the "valuation disconnect." LOOP SETS $8.25 TARGET ON HARMONIC: Loop Capital analyst James Kisner initiated Harmonic (HLIT) with a Buy rating and $8.25 price target, saying he believes Harmonic can "drive robust revenue growth on its Cable Edge business as cable operators like Comcast (CMCSA, CMCSK) adopt its virtual CCAP/CMTS solution," and that the company's video business with stabilize. 'DON'T PANIC' OVER DOD PROPOSAL: Morgan Stanley analyst Rajeev Lalwani attributes the underperformance in Defense stocks over the last two days compared to the broader market to heightened concerns around a month old proposal from the Department of Defense to adjust progress and performance payments down to 50% from 80% of cost, which would effectively slow the timing of cash flow receipts closer to when a project is complete. He sees a number of reasons not to panic, mainly because he believes that the Administration will not move forward with a proposal industry-players will paint as being anti-business and anti-defense spending. Publicly-traded defense contractors include General Dynamics (GD), Huntington Ingalls (HII), L3 Technologies (LLL), Lockheed Martin (LMT), Northrop Grumman (NOC) and Raytheon (RTN).
09/21/18
MSCO
09/21/18
NO CHANGE
MSCO
Morgan Stanley says not to panic over Defense payment proposal
Morgan Stanley analyst Rajeev Lalwani attributes the underperformance in Defense stocks over the last two days compared to the broader market to heightened concerns around a month old proposal from the Department of Defense to adjust progress and performance payments down to 50% from 80% of cost, which would effectively slow the timing of cash flow receipts closer to when a project is complete. He sees a number of reasons not to panic, firstly because he believes that the Administration will not move forward with a proposal industry-players will paint as being anti-business and anti-defense spending. Even if it were to move forward, the proposal primarily impacts cash flow timing, with underlying earnings unchanged and potential offsets evident, Lalwani tells investors. Lastly, while there would be considerable uncertainty around rule implementation, the proposal would create a path to superior cash flows versus today, the analyst added. Companies in the defense contracting space include General Dynamics (GD), Huntington Ingalls (HII), L3 Technologies (LLL), Lockheed Martin (LMT), Northrop Grumman (NOC) and Raytheon (RTN).

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