UPDATE: Credit Suisse Lowering Price Target On Rockwell Collins. Inc. (COL) OUTPERFORM R. Spingarn

Credit Suisse is out with a research report on Rockwell Collins. Inc.

and is lowering its price target to $66 from $74, but is keeping its Outperform rating on shares. In a note to clients, Credit Suisse writes, "COL guided to FY'12 and announced a more aggressive share repo plan funded by operating cash and add'l debt of $250M. Sales guidance of $4.90-$5.0B missed the street's $5.1B by 4% which we think was largely expected by investors and attributable to a low-single digit decline in Government. Despite lower sales, the EPS range of $4.40-$4.60 bracketed the street's $4.50 (Credit Suisse was at $4.55) on modest margin expansion and higher share repurchase activity. COL reaffirmed FY'11 guidance of $4.00-$4.10 and our $4.04 remains." Shares of COL are up $1.62 to $51.56, a gain of 3.24%‎.