UPDATE: Deutsche Bank Color On NOC PT Reduction

Deutsche Bank, which lowered its PT on shares of Northrop Grumman Corporation NOC, is providing some color on the stock. “We are lowering our price target on NOC shares to $69 from $75 to account for the spinoff of Shipbuilding, which was completed yesterday,” Deutsche Bank writes. “The adjustment reflects the implied value we had had attributable to Ships prior to the spin. Reiterate Hold given limited upside to our target, but do see limited downside given GAAP valuation now stands at a nice discount to other defense peers.”