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Aerospace and defense contractor Northrop Grumman(NOC) has carried a buy rating since August 2005. Northrop has seen revenue and net income increase, and the federal government's fiscal 2008 budget request continues to favor spending on defense and homeland security. The company's growth will also be driven by its acquisition of high-tech defense manufacturer Essex Corp., which was completed on Jan. 26. During the second quarter Northrop Grumman had several new contract wins, including a $2.40 billion contract from the U.S. Navy, and its order backlog as of June 30 stood at $60.40 billion. Additionally, NOC expects its record contract acquisitions of $38.80 billion that were completed in fiscal 2006 to significantly contribute to its top-line growth in fiscal 2007. Northrop Grumman's business is highly cyclical and dependent on government spending. A reduction in national security spending could cause a risk to its buy rating.
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