UPDATE: Citi Lowers Price Target on Northrop Grumman to $69

According to Citi, Northrop Grumman (NYSE: NOC) price target is lowered to $69.

Citi said that it maintains its constructive stance on NOC at current levels given positive margin and cash deployment dynamics. “We concede that sales are nothing to write home about, but margins continue to inch higher and repurchases are pacing ahead. We drop our PT to $69 primarily due to lower pension and sales estimates in 2012-13.”

Northrop Grumman closed yesterday at $55.60.