UPDATE: Imperial Capital Initiates Orbital Sciences Corporation with Outperform, $19 PT on Lower R&D, Antares Rocket
Imperial Capital initiates its coverage on Orbital Sciences Corporation (NYSE: ORB) with a rating of Outperform and a $19 price target.
Imperial Capital comments, "We believe current prices provide an attractive entry point as we see meaningful future earnings growth following years of significant investments in research and development for new programs. …Even in an uncertain budgetary environment, we believe ORB's mix of priority government programs and commercial contracts provide meaningful revenue visibility."
ORB closed at $11.32 on Wednesday.
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