Jefferies Downgrades Exelis (XLS) to Hold

Jefferies downgraded Exelis (NYSE: XLS) from Buy to Hold on valuation as shares approach their price target of $20.

Analyst Howard A. Rubel comments, "We initiated coverage on Oct. 1, 2012 at $10.34 with a BUY. The S&P 500 closed that day at 1,441. The shares have been trading close to our Price Target of $20 and have returned 93% vs. a market return of approximately 30% for the period."

The firm also cut FY 2014 EPS estimates from $1.67 to $1.55 and FY 2015 EPS from $1.75 to $1.60.

For an analyst ratings summary and ratings history on Exelis click here. For more ratings news on Exelis click here.

Shares of Exelis closed at $19.70 yesterday.

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