Zacks cut shares of Alliant Techsystems (NYSE:ATK) from an outperform rating to a neutral rating in a research note issued to investors on Thursday, Analyst Ratings Network.com reports. The firm currently has $102.00 price target on the stock.
Zacks’ analyst wrote, “We downgraded our recommendation on Alliant Techsystems Inc. to Neutral from Outperform. The downgrade was primarily due to the U.S. defense budget cutbacks and current U.S. government shutdown. In addition, gradual withdrawal of troops from Afghanistan is also a major cause of concern. Moreover, program execution risks and increased technological competitiveness are other possible downsides that could impede the company’s growth. However, these negatives could be mitigated by several U.S. as well as international defense and aerospace contracts received by the company at regular intervals.”
Zacks has also modified their ratings on a number of other industrials stocks in the few days. The firm upgraded shares of API Technologies Corp. from a neutral rating to an outperform rating. The firm now has a $3.20 price target on that stock. Also, Zacks upgraded shares of TASER International Inc. from a neutral rating to an outperform rating. Zacks now has a $17.10 price target on that stock. Finally, Zacks upgraded shares of Sypris Solutions Inc. from an underperform rating to a neutral rating. Zacks now has a $3.10 price target on that stock.
Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Alliant Techsystems from $104.00 to $115.00 in a research note to investors on Friday, September 6th. They now have an overweight rating on the stock. Separately, analysts at Credit Suisse raised their price target on shares of Alliant Techsystems from $104.00 to $111.00 in a research note to investors on Friday, September 6th. They now have a neutral rating on the stock. Finally, analysts at KeyCorp upgraded shares of Alliant Techsystems from an underweight rating to a hold rating in a research note to investors on Thursday, September 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $97.64.
Alliant Techsystems (NYSE:ATK) traded up 0.13% during mid-day trading on Thursday, hitting $101.28. The stock had a trading volume of 25,926 shares. Alliant Techsystems has a 52 week low of $52.91 and a 52 week high of $103.77. The stock’s 50-day moving average is $97.80 and its 200-day moving average is $85.85. The company has a market cap of $3.243 billion and a P/E ratio of 12.02.
Alliant Techsystems (NYSE:ATK) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.24 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.93 by $0.31. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company posted $2.16 earnings per share. The company’s quarterly revenue was down .3% on a year-over-year basis. On average, analysts predict that Alliant Techsystems will post $8.80 earnings per share for the current fiscal year.
Alliant Techsystems Inc (NYSE:ATK), is an aerospace, defense, and commercial products company that operates in 22 states, Puerto Rico, and internationally.
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