Why These Defense Stocks Are Gaining This Week

8. Northrop Grumman Corporation (NYSE:NOC)

Weekly Gains: 5.37%

Northrop Grumman Corporation (NYSE:NOC) was up 5.37% over the past week, following reports of progress being made on ongoing programs and continued momentum around recent high-value defense contracts.

On March 5, the company announced that it was delivering strong performance in the test and production of the B-21 Raider. Northrop Grumman Corporation (NYSE:NOC) said it was awarded a LRIP Lot 2 award late in Q4 last year, which signalled the Air Force’s confidence in the program’s progress.

Northrop Grumman Corporation (NYSE:NOC) also recently signed a Memorandum of Understanding with Hanwha Systems to produce ALMDS hardware components for South Korea’s Mine Countermeasures Helicopter (KMCH) program.

On March 7, Wells Fargo raised its price target for NOC from $545 to $547 per share, while maintaining its Buy rating.