Citi raises Northrop Grumman PT on strong demand

Citi raises Northrop Grumman NOC.N price target to $807 from $781 earlier; maintains "buy" rating

New PT represents a 15.8% upside on stock's last close

Brokerage cites the defense supplier's exposure to rising U.S. and international defense budgets

Says wind down of unfavorable space programs to provide additional margin relief and rising backlog reflects robust order intake relative to sales

As of last close, shares up 22.2% YTD