UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Huntington Ingalls Industries
In a report published Wednesday, Citigroup reiterated its Buy rating on Huntington Ingalls Industries (NYSE: HII), and raised its price target from $50.00 to $54.00.
Citigroup noted, “We're positive on HII primarily because it is the only defense company under our coverage with the opportunity to double margins over the long-term, coupled with improving cash dynamics that create the potential for dividends and improved shareholder returns. We believe margin improvement plans are within reach given performance at HII's closest comp: GD's Marine Systems. The risk to the story is fear of the unknown with regard to shipbuilding budgets, however we expect the US to continue to focus on power projection capabilities which implies a strong Navy.”
Huntington Ingalls Industries closed on Tuesday at $43.30.
Latest Ratings for HII
|Jul 2016||Deutsche Bank||Maintains||Buy|
|May 2016||Stifel Nicolaus||Downgrades||Hold||Sell|
|Jan 2016||Guggenheim Securities||Initiates Coverage on||Buy|
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