Oppenheimer Comments on L-3 Communications Q4 10 Beat (LLL)

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Oppenheimer is out with its report today on L-3 Communications
LLL
, commenting on LLL's Q4 10 beat and increase in 2011 guidance. In a note to clients, Oppenheimer writes, "LLL reported (1/27) $2.37 GAAP EPS, well ahead of our $2.25 estimate and consensus of $2.31. The beat vs. our estimate was on stronger ES performance. 2011 EPS guidance was increased to $8.40-8.55 from $8.20-8.40, primarily on changes to pension assumptions. 2011 sales guidance was unchanged at $15.7-15.9B vs. our $15.8B while operating margin guidance was raised slightly to 10.6% from 10.4%. EPS and margin guidance increases were based on lower estimated pension expenses of $0.18/sh, with likely FUNA contribution of $0.03 offset elsewhere. Guidance, however, continues to point to meager top-line growth in 2011, which keeps us on the sidelines for now." Oppenheimer maintains Perform and an $85 PT on LLL. Shares of LLL closed Friday at $76.39, down 2.56% from Thursday's close.
Posted In: Analyst ColorPrice TargetAnalyst Ratingsl-3 communicationsOppenheimer
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