** Jefferies cuts price target on defense contractor Northrop Grumman NOC.N to $620 from $660, maintains rating at "hold"

** New PT still shows an upside of 11.6% from the stock's last close

** Brokerage says B-21 program remains a margin drag, remaining roughly break-even in 2027 leading to ~100 bps dilution due to early low-rate production and residual development costs

** NOC's relatively limited weapons exposure constrains growth, resulting in ~1 percentage point lag vs peers despite capacity expansion - Jefferies

** Shares are marginally up 0.3% at $557.47 premarket

** 15 of 24 brokerages rate the stock "buy" or higher, nine "hold"; their median PT is $700- data compiled by LSEG

** As of last close, stock had fallen nearly 2.6% YTD