Bank of America Reiterates Underperform Rating, $77 PT on L-3 Communications Holdings Following Meeting with CFO

In a report published Monday, Bank of America reiterated its Underperform rating and $77.00 price target on L-3 Communications Holdings

. Bank of America noted, “We hosted a lunch meeting with Ralph D'Ambrosio, SVP and CFO of L-3 Communications on Friday. We walked away from the meeting with a better understanding of the competitive backdrop for LLL. However, considering the fiscal pressure on the Department of Defense and uncertainty regarding the budget, we remain comfortable with our conservative estimates. We are leaving our PO of $77 unchanged.” L-3 Communications Holdings closed on Friday at $77.18.