FBR Capital Downgrades Alliant Techsystems (ATK) to Market Perform on Valuation
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Price: $77.78 +0.80%
Rating Summary:
2 Buy, 7 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
2 Buy, 7 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ATK Now!
FBR Capital downgraded Alliant Techsystems (NYSE: ATK) from Outperform to Market Perform with a price target of $70.00.
The firm cited valuation with the stock just 4% from their price target.
The analyst comments, "This is a tough call to make since ATK is still not expensive, and we maintain our thesis that the company has several strategic options. From a share price perspective, however, the stock has done what we expected when we upgraded the name in October 2012, so the risk/reward profile is not as attractive now for new money, in our opinion. To be sure, we still think consensus estimates for FY14 (starting in March 2013) will prove to be conservative, but we believe that part of our thesis is now factored into the name. As a result, we will look for a more attractive point to reenter the name."
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 $67.18 yesterday, with a 52 week range of $43.08-$67.78.
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The firm cited valuation with the stock just 4% from their price target.
The analyst comments, "This is a tough call to make since ATK is still not expensive, and we maintain our thesis that the company has several strategic options. From a share price perspective, however, the stock has done what we expected when we upgraded the name in October 2012, so the risk/reward profile is not as attractive now for new money, in our opinion. To be sure, we still think consensus estimates for FY14 (starting in March 2013) will prove to be conservative, but we believe that part of our thesis is now factored into the name. As a result, we will look for a more attractive point to reenter the name."
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 $67.18 yesterday, with a 52 week range of $43.08-$67.78.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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