Orbital Sciences Rated "Hold" By Morgan Joseph

Morgan Joseph placed a "hold" rating on Orbital Sciences (NYSE: ORB) on news of the company's planned acquisition of General Dynamics' (NYSE: GD) advanced information systems unit for $55 million.

Morgan Joseph said the acquisition will add $50 million in revenue in 2010 and $100 million in top line growth in 2011 for Orbital. For 2010, Morgan Joseph expects Orbital to earn 76 cents a share, up from a previous estimate of 74 cents. The 2011 EPS estimate was boosted to $1.13 a share from $1.06.