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Northrop Grumman (NYSE: NOC) was trading at $83.50 in pre-open trading above its close of $78.61 on Friday.
The Pentagon announced NOC/EADS A330 aerial refueling tanker won a $35 billion contract to supply 179 midair refueling planes.
Oppenheimer says: "We are raising our price target to $95 from prior $91 as we see the initial contract, at a minimum, as $3-6 of value per share."
NOC March option implied volatility of 29 is above its 26-week average of 23 according to Track Data, suggesting larger price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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