UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Orbital Sciences Corporation

In a report published Friday, Jefferies & Company reiterated its Buy rating on Orbital Sciences Corporation

, but lowered its price target from $22.00 to $19.00. Jefferies noted, “Orbital's results showed progress in a challenging market. We believe innovation and performance will help Orbital navigate through the difficult spending environment. While there could be some casualties from austerity such as NASA's GEM program, there are a great number of opportunities across the business.” Orbital Sciences Corporation closed on Thursday at $13.19.