UPDATE: Huntington Ingalls Upgraded at Bank of America

In a report published Tuesday, Huntington Ingalls

was upgraded from an Underperform to a Buy rating by Bank of America analyst Ronald Epstein. The price target has also shifted from $64 to $102. Bank of America highlighted, "We derive our PO using 14x one-year forward P/E multiple on 2015 estimates. Post the Bipartisan Budget Deal of 2013, we are more constructive regarding our fundamental outlook on HII." HII closed Monday $90.04 and is currently trading up at $92.51.