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After spending much of the past six months at a mediocre three-star rank, enough top-performing CAPS members have turned bullish on Northrop Grumman (NYSE: NOC) to once again get it back up to four stars. And with 751 members giving their opinion on Northrop Grumman, there's plenty of analysis and commentary explaining the recent optimism.

Industry watchers have become increasingly bullish on the next wave of military spending, which many investors believe will propel Northrop forward in the coming years. The company reported a 7% jump in fourth-quarter revenue in its largest segment, aerospace, and a strong overall quarter. It swung back into the black with earnings of $413 million and total revenues increasing to $8.9 billion. Northrop looks for improving margins and strong cash flow across its businesses this year.                     

Thanks to its growing electronics and cybersecurity businesses, Northrop expects higher sales and earnings this year. The company aims to benefit from a growing demand for unpiloted aircraft. President Obama's new defense budget calls for a couple of billion dollars targeted toward unmanned aerial vehicles (UAVs). Northrop's rivals, including General Dynamics (NYSE: GD), Raytheon (NYSE: RTN), Boeing (NYSE: BA), and Lockheed Martin (NYSE: LMT), have focused more attention on that area. For Northrop and other companies with a presence in cybersecurity, like L-3 Communications (NYSE: LLL) and SAIC (NYSE: SAI), the increasing number of ingenious cyber threats could drive business in that expanding field.      

With a strong backlog and continued ability to land government contracts, many CAPS members like the momentum behind Northrop and the opportunities it sees ahead.

Do you think Northrop Grumman deserves its loftier status? Add your thoughts in the comments box below on this page, or head over to CAPS to rate the company and check out all the information and opinions the community offers, absolutely free.

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Fool contributor Dave Mock recently upgraded his cart with a spanking new donkey. He owns no shares of companies mentioned here. General Dynamics and SAIC are Inside Value recommendations. The Fool's disclosure policy generates warm, fuzzy feelings for all who come across it.