Cowen Bumps Up Huntington Ingalls Price Target By 35%

• Huntington Ingalls Industries Inc (NYSE:HII) has been upgraded to Outperform from Market Perform, and the price target was raised to $270 (an upside of 21.8%) from $200 by Cowen analyst Gautam Khanna.
• The analyst mentions that the defense sector is facing improved budget growth prospects reflecting the Russia/Ukraine war and the prospect of further Russian/Chinese aggression.
• According to Khanna, this is amplified by the need for both political parties in the U.S. to back national defense and American jobs during a midterm election year.
• Khanna thinks Huntington Ingalls shares are incredibly cheap within the defense group.
• Price Action: HII shares are trading higher by 4.21% at $222.03 on the last check Thursday.