Morgan Stanley lowered the firm’s price target on Northrop Grumman (NOC) to $580 from $605 and keeps an Overweight rating on the shares. 2025 presents “key known unknowns,” including the impact of the Department of Government Efficiency on defense and the pace at which Boeing (BA) can ramp production rates, the analyst tells investors in a 2025 outlook note for the aerospace and defense group. The firm has moved its Defense industry view to In-Line and trimmed Prime contractor price targets, noting that it continues to favor commercial aftermarket names into 2025 amid an ongoing aircraft supply-demand imbalance.
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