UPDATE: Imperial Capital Lowers Ducommun's PT

According to a research report published earlier today, Imperial Capital has lowered Ducommun Inc.'s

PT from $18 to $16. In the report, Imperial Capital commented, “4Q11 and 2011 results disappoint. 4Q11 adjusted EPS was $0.27 (excluding transaction related costs and an impairment charge), compared to our estimate of $0.0.35 and consensus of $0.37. Adjusted EBITDA for the quarter was $16.6mn versus our $21.9mn estimate. Revenue during the quarter was $188.2mn, compared to our estimate of $186.6mn and consensus of $188.7mn. For the full-year 2011, adjusted EPS was $1.40 compared to our estimate and consensus of $1.52. Adjusted EBITDA totaled $60.1mn compared to our estimate of $65.4mn. Revenue totaled $580.9mn, compared to our estimate of $579.3mn and consensus of $587.0mn.” Imperial Capital maintains its Outperform rating on Ducommun, which is currently trading at $14.15.