UPDATE: Gabelli Downgrades Herley Industries (HRLY) to Sell, $19/share Is Fair

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HRLY Hot Sheet

Rating Summary:
0 Buy, 0 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

Gabelli downgrades shares of Herley Industries (NASDAQ: HRLY) to a Sell rating from their previous rating of Hold. The firm reports that Kratos Defense & Security Solutions (NASDAQ: KTOS) offered a cash tender of $19 per share for HRLY, which will expire at 12:00 midnight on 3/24/2011. They comment that the deal is subject to customary closing conditions that include the expiration of all waiting periods under Hart-Scott-Rodino and the tender of HRLY shares representing at least a majority of the total fully diluted shares outstanding, it is not subject to any financing conditions. Gabelli believes that $19 is a fair price for this stock, hence the Sell rating.

For more ratings news on Herley Industries click here and for the rating history of Herley Industries click here.

Shares of Herley Industries closed at $19.00 yesterday, with a 52 week range of $12.52-$19.02.

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