Barclays Maintains an 'Underweight' on Alliant Techsystems (ATK); Raising Estimates, But Lake City Uncertainty Hangs

Barclays maintains an 'Underweight' on Alliant Techsystems (NYSE: ATK) price target of $50.00.

Analyst, Carter Copeland, updates his estimates after the company topped Q1 EPS by $0.74 ($2.16 vs. consensus of $1.42). Copeland notes that ATK's Radford $40M EBIT contract close out benefit and asset sale (added $0.65 in EPS), lower tax rate (added $0.30 in EPS), but was offset by $0.07 net interest expense and $0.12 from higher pension estimates. All told, he raises FY13 EPS estimate from $6.50 to $7.25 and FY14 from $6.50 to $6.85, but remains Underweight rating, citing uncertainty from the upcoming Lake City re-compete decision (which is 13% of ATK's revenue). After October (when decision is expected), the story may get more interesting.

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 $50.61 yesterday.

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