UPDATE: Credit Suisse Raises Target to $58 on Northrop Grumman

Credit Suisse reiterates its Neutral rating on Northrop Grumman

and raises its price target by $8 to $58 a share as the company's share buyback outshines peers. Credit Suisse says, "Buyback Timing Could Offer Upside: While NOC seems to be guiding to its limit on buyback (9% of shares for a projected payout ratio of 100% w/dividend), its guidance assumes relatively level share repurchase throughout the year. Should the company front-end the cash deployment, we could see upside to guidance. For 2012, RTN leads the group at 138% (our estimate) with L-3 at the other end of the spectrum at 83% (our estimate)." NOC closed at $59.25 a share on Wednesday.