KeyBanc Downgrades Orbital Sciences (ORB) to Hold
- Top 10 News for 4/13 - 4/17: China Regulation, Greek Debt Rattle Markets; Netflix Rockets on Results; M&A News, Rumors Abound
- U.S. Antitrust Lawyers May Move to Block Comcast (CMCSA), Time Warner Cable (TWC) Deal
- Teva (TEVA) Said Considering Bid for Mylan (MYL)
- General Electric (GE) Tops Q1 EPS by 1c
- Stock Futures Deep in the Red
KeyBanc downgraded Orbital Sciences (NYSE: ORB) from Buy to Hold.
Analyst Michael F. Ciarmoli said, "Tuesday morning, Alliant Techsystems Inc. (ATK NYSE) and Orbital Sciences Corporation (ORB-NYSE) announced plans to enter into a definitive agreement in a merger of equals deal that would create a new publicly traded aerospace and defense entity named Orbital ATK, which will trade under the ticker OA. In addition to the merger of equals, ATK is spinning off its sporting group segment into a new publicly traded entity that will be entirely focused on the sporting, shooting, and outdoor sports markets.
"Based on our initial pro-forma analysis of each new publicly traded company, we believe the new ATK Outdoor sporting entity will carry a per share valuation in the range of $100-$110," he added.
Shares of Orbital Sciences closed at $30.96 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mylan (MYL) Comments on Teva (TEVA) Speculation; Says Committed to Perrigo (PRGO) Deal
- EMC (EMC) Risk-Reward Favorable, Bernstein Upgrades to Outperform
- ServiceNow (NOW) PT Cut to $90 at Brean Capital
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Related EntitiesKeyBanc, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!