UPDATE: L-3 Communications Downgraded at Bank of America
A report published Tuesday morning by Bank of America has downgraded L-3 Communications Holdings (NYSE: LLL) from Neutral to Underperform, according to analyst Ronald Epstein. Price target remains at $106.
Epstein noted, "In our view, LLL remains vulnerable to cuts as more than half of its business comes from short-cycle contracts and 22% of 2012 sales were derived from the US Army."
LLL closed Monday at $105.58 and is currently trading down to $105.21.
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