The bank upgraded the military shipbuilding company to overweight from neutral in a Thursday note, although lowered its price target to $247 from $250.
JPMorgan's forecast implies nearly 22% upside from Wednesday's $203.19 close. Huntington Ingalls shares have struggled this quarter, losing 10.7% in that time. However, analyst Seth Seifman sees this as a buying opportunity for investors.
"While budget growth will be more muted from here, much of what has been approved in recent years has not yet shown up as revenue and earnings. Total Navy Procurement spending the past 12 months is still 17% below the FY23 budget, the biggest Procurement gap among the three armed services and the reason is shipbuilding, where the gap should be wider," he said.
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