Northrop Grumman falls after Deutsche Bank downgrades to 'hold', cuts PT

Shares of defense co Northrop Grumman NOC.N down nearly 1% at $504 in early trade

Deutsche Bank downgrades co to 'hold' from 'buy', cuts PT to $542 from $580, still a premium of 6.7% from stock's last close

Expects co's Q2 earnings to miss estimates slightly and also expects co to cut its annual forecasts on sales and EBIT

In April, NOC missed its Q1 adj EPS estimates for the first time in nine quarters

Average rating of 24 brokerages equivalent to 'hold', median PT is $550 - data compiled by LSEG

Including session moves, shares are up 7.4% YTD