11:23 AM EDT, 10/22/2025 (MT Newswires) -- Northrop Grumman ( NOC ) remains positioned for long-term growth despite a "tepid" Q3, BofA Securities said in a Wednesday note.

The company reported higher Q3 earnings and revenue on Tuesday but cut its 2025 sales forecast. BofA said the mid-single digit topline growth outlook remains in line with expectations, but some investors were "disappointed by weak backlog conversion."

Northrop Grumman ( NOC ) has "multiple pathways" to beat its outlook as a number of pending programs are not yet reflected in the guidance, according to BofA.

Meanwhile, BofA analysts said the F/A-XX, Sentinel and B-21 programs could be "key growth accelerators" for the company, pending favorable decisions.

"We continue to see Northrop Grumman ( NOC ) well aligned with current and future defense priorities, both domestically and abroad," BofA said.

BofA maintained its buy rating on the stock, while raising its price target to $685 from $650.

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