UPDATE: Benchmark Downgrades DigitalGlobe to Hold on Limited Catalysts for 2013

Benchmark downgraded DigitalGlobe

from Buy to Hold and lowered the price target to $27.00. Benchmark noted, "We see 2013 as a transition year post the acquisition of GeoEye with limited catalysts for the stock. Management does not expect the $1.8 billion cost savings to flow through until 2HFY14 when annual operating expenses could be reduced by 25% from a base of $400 million, and $1 billion of savings will be realized from cancelling two future satellites and delay one satellite launch. Management expects EBITDA margin to recover to 50%+ in 2HFY14." DigitalGlobe closed at $28.21 on Wednesday.