KeyBanc Downgrades Orbital Sciences (ORB) to Hold
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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.
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