UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Alliant Techsystems

In a report published Friday, Jefferies & Company reiterated its Hold rating on Alliant Techsystems

, and raised its price target from $56.00 to $60.00. Jefferies noted, “ATK's second quarter results showed promise, with Lake City volumes and Security & Sporting margins driving EPS of $2.00 vs. our estimate of $1.56. Although the trends are encouraging, we expect continued headwinds from declining demand for military ammunition and pressure on NASA volumes to keep shares range bound. We rate ATK shares a HOLD.” Alliant Techsystems closed on Thursday at $58.79.