KeyBanc Downgrades Kratos Defense & Security (KTOS) to Sector Weight
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KeyBanc downgraded Kratos Defense & Security (NASDAQ: KTOS) from Overweight to Sector Weight and removed its price target. Analyst Michael F. Ciarmoli noted recent gains.
"KTOS shares have surged 66% since reporting 2Q16 results (S&P 500 up 0.4% over the same time period) as solid results, a guidance lift, and increased optimism surrounding recent unmanned contract wins have provided much needed momentum. In the near term, we do believe management will look to shift its focus more towards its core assets of unmanned, satellite, and microwave capabilities, which we view as a positive, but we also believe the Company is entering a 'show me' period as execution on key contract wins, expense spending, EBITDA generation, and overall execution will be paramount," said the analyst.
Shares of Kratos Defense & Security closed at $7.44 yesterday.
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