Benchmark Downgrades GeoEye (GEOY) to Hold

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Benchmark downgraded GeoEye (NASDAQ: GEOY) shares from Buy to Hold Monday morning. The firm's price target was lowered from $30 to $20.

The firm noted "After Friday's close, the National Geospatial-Intelligence Agency informed GEOY that it would not fully exercise GEOY's year three EnhancedView contract due to funding shortfalls... The NGA has also cancelled the $156 million unfunded portion of the GeoEye-2 cost share."

Benchmark sees the best-case scenario as a 50 percent EnterpriseView reduction. The worst case would be default in April.

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

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