Northrop Grumman
shares were declining Friday after an analyst at J.P. Morgan downgraded the stock, citing concerns over valuation and the future of defense shares.
J.P. Morgan analyst Seth Seifman downgraded shares of Northrop (ticker: NOC) to Neutral from Overweight and gave the stock a 12-month price target of $490. Seifman said in a research note that right now the current macro environment makes the defense industry “highly favorable,” but that may not last forever.
