UPDATE: Credit Suisse Downgrades Alliant Techsystems to Neutral

Credit Suisse lowers its rating on Alliant Techsystems (NYSE: ATK) to Neutral from Outperform and lowers its target price to $61 from $80 as the company faces several risks, including NASA, Lake City, Sporting margins, slowing military ammo and rising pensions.

Credit Suisse notes, "While none of these are new, we had hoped that valuation, cash flow deployment and some improvement in visibility on NASA would offer some share upside. We saw some traction along with the sector and the broad market since December. While some may view the further illumination of extended negative trends in this latest quarter and early FY13 guidance as mitigating downside risk, we do not think the update resolves any of the above-listed items, and therefore do not see much of a bid for the shares in our view. Thus, we think ATK as rangebound."

ATK closed at $58.29 a share yesterday.