UPDATE - Barclays Downgraded Alliant Techsystems (ATK) to Underweight; Unclear If Bottom Has Been Reached

UPDATE - Barclays downgraded Alliant Techsystems (NYSE: ATK) from Equalweight to Underweight, price target lowered from $64 to $50.

Analyst, Carter Copeland, said, "ATK, in our view, has been battling a near perfect storm with many of its major end markets under either revenue or margin pressure (NASA, military ammo, and now commercial ammo) offset by too few growth programs (A350XWB and some military programs). Despite noted declines in ATK's key military and NASA programs in FY13 we are not sure that the worst in revenue and earnings pressures are behind us."

Copeland also cuts FY12 EPS estimate from $8.62 to $7.75 and FY13 from $7.25 to $6.25.

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