Jefferies Lowers Price Target On Alliant Techsystems (ATK) After Mixed Q4 Results

Jefferies cut its price target on Alliant Techsystems (NYSE: ATK) from $77 to $72 but kept its Buy rating following fourth quarter earnings were a "mixed-bag."

The firm comments, "While revenues were lower than we forecast, ex an accrual for a previous lawsuit, profitability was quite strong. With a challenging outlook from a drawdown in Afghanistan and constrained defense spending, ATK is taking the opportunity to restructure the business. We view that announcement, plus a share repurchase program as a positive shift in strategy."

For an analyst ratings summary and ratings history on Alliant Techsystems click here. For more ratings news on Alliant Techsystems click here.

Shares of Alliant Techsystems closed at $58.36 yesterday, with a 52 week range of $51.26-$76.24.

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