KeyBanc Downgrades Alliant Techsystems (ATK) to Underweight; Sees Weak Ammo

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KeyBanc downgraded Alliant Techsystems (NYSE: ATK) from Hold to Underweight with a price target of $54.00 post Q3 results as they expect ammo to miss the mark.

The firm comments, "Our decision to downgrade the stock now is predicated on three factors: 1) Weakening military ammo funding and volume shrinkage in future periods introducing elevated levels of margin compression and earnings risk; 2) The commercial ammunition market being presently in an overheated state, and we believe current demand trends are not sustainable; and 3) ATK's stock having significantly outperformed its peer benchmarks, and we see several potential negative catalysts on the horizon, including sequestration and the release of the FY14 U.S."

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 $65.22 yesterday, with a 52 week range of $43.08-$67.78.

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