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Key Points We’re updating our forecast for NOC for the first time since the firm reported 4Q earnings in late January. We’re maintaining our Neutral rating as the firm’s FY1 EV/EBITDA...
Key Points Forecasting Q1'25 q-o-q margin compression for the MENA group; we anticipate mostly earnings misses in the quarter Overall, we believe consensus is inaccurately forecasting Q1’25; we are meaningfully below Q1’25...
Key Points We’re updating our forecast for GD for the first time since the firm reported 4Q24 earnings earlier this year. We maintain our Neutral rating but our target price falls...
Key Points Capital allocation and IRR concerns being addressed, in our view. Underperformance relative to Linde should reverse Free cash flow generation should rev up FY2025 and beyond while debt levels should...
Key Points We’re updating our forecast for TDG for the first time post 1Q earnings. We’ve raised our target price by USD95 to USD1,463 as we raise our terminal multiple a...