UPDATE: Goldman Sachs Upgrades Alliant Techsystems to Buy, Raises PT
Goldman Sachs has upgraded Alliant Techsystems Inc. (NYSE: ATK) from Neutral to Buy, and increased price target from $60 to $72.
Goldman Sachs noted, "We upgrade ATK to Buy from Neutral. We raise our FY2014/2015E to $7.20/7.75 from $7.05/$7.45 to better reflect civil ammunition leading indicators. We raise our 12-month target-relative CY2013E P/E derived price target to $72 from $60 to reflect our revised estimates, and as we now target ATK to trade in-line with our Defense coverage vs. previously assuming a 15% discount. Alliant Techsystems trades at only 8.0X CY13E P/E vs. the rest of our Defense coverage at 10.3X."
Alliant Techsystems closed at $57.08 on Thursday.
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