Morgan Joseph Downgrades DRS Technologies (DRS) to Hold
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Morgan Joseph downgrades DRS Technologies (NYSE: DRS) to Hold.
The firm cites a Wall Street Journal article reporting that DRS is in advanced talks with Fineccanica SpA to purchase DRS. While terms of the offer were not available, the WSJ article says "the purchase price is expected to reflect a premium of about 25% from DRS' closing price last night."
Morgan Joseph suggests investors in DRS "lock in profits" as it seems the market has now priced in this potential buyout.
DRS Technologies, Inc. provides defense electronic products, systems, and military support services. [BCS]
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