Jefferies Revises LLL Estimates

L-3 Communications Holdings Inc. LLL has “stepped up its repurchase program to compensate for weak volumes and down earnings,” Jefferies reports. “We figure the company could have as few as 106 million average shares for 2011 and about 100 million shares for 2012,” Jefferies writes. “The decline in 2011 revenues should generate additional working capital. We have raised our 2011 and 2012 EPS estimates to $8.50 and $9.20 from $8.40 and $9.00, respectively. We estimate EPS of $10.00 in 2013. The company had average shares outstanding of 115 million and EPS of $8.25 in 2010.” L-3 Communications closed Thursday at $77.69.