ATK's Titanium Auxiliary Power Unit Fuel Tanks Supply Orbiter's Hydraulic System

Test will Ensure Safety for Four Remaining Shuttle Flights

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ATK Reports Strong FY10 Third Quarter Financial Results

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Former Head of ATK's Largest Business Entity, Armament Systems Group, Appointed CEO

Analysts at Cowen & Co maintain their "neutral" rating on Alliant Techsystems (NYSE: ATK).

Cowen & Co believes that the consensus revenues and EPS for Alliant Techsystems will be lowered for 2H10, as NASA’s F11 budget request seeks to terminate the “Constellation” program and retire the Space Shuttle after five more flights.

“We still expect ATK’s F10E Constellation sales in the $400-430MM range since ATK’s FY ends in March 2010 and government FY10 funding is secure (through Sept 2010) barring a stop-work order,” the analysts mention. “If the F11 budget request is enacted as proposed, ATK’s consensus H2:F11 sales/EPS face would drop as Shuttle (est. $300-320MM of annual sales) and Constellation would fade simultaneously,” the analysts add.

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Analysts at FBR Capital Markets view the budgets submitted by The Department of Defence and NASA to be in line with their expectations.

The firm believes that while the outlook for AeroVironment Inc (NASDAQ: AVAV) and Alliant TechSystems Inc. (NYSE: ATK) remain uncertain, the outlook for Orbital Sciences Corp. (NYSE: ORB) has improved with these budget submissions.

AeroVironment made a funding request for $72.2 million as compared to the request of $123.6 million made last year. NASA is planning to extend the international space station to 2020, which could put ORB in line for another sizable CRS contract. NASA has requested an additional funding of $312 million for the CRS program to be shared by Orbital Sciences and SpaceX.

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Analyst R Spingarn of Credit Suisse downgrades Alliant Techsystems Inc (NYSE: ATK) from "outperform" to "neutral," while reducing his estimates for the company. The target price for ATK has been reduced from $101 to $87.

According to Credit Suisse, the downgrade in rating reflects the effect of the potential wind-down of the Constellation Program on Alliant Techsystems, beginning in FY01. The analyst mentions that “given funding and progress concerns, the president formed the Augustine Commission to review the Constellation program last summer… The Augustine report identified several paths forward, but most require even more funding.”

Credit Suisse says that “with even greater funding constraints and a pending spending freeze that exempts defense, we think something has to go and see manned space at great risk.” Credit Suisse has reduced its estimate for FY11 from $9.25 to $8.65.

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Alliance Holding (AHGP, news: 26.99 0.00%) upgraded to Market Perform, $26-28 target, at Wells Fargo… Alliance Resource (ARLP, news: 41.30 0.00%) upgraded to Market Perform, $40-42 target, at Wells Fargo… Alliant Techsystems (ATK, news: 84.20 0.00%) downgraded to Neutral at Credit Suisse… Anadarko Petroleum (APC, news: 64.98 0.00%) upgraded to Overweight, $82 target, at Barclays… Apache (APS, news: 0.00 [...]

Alliant Techsystems Inc. (NYSE: ATK) was downgraded today by Credit Suisse to Neutral from Outperform. The 52-week trading range for ATK is $60.76 - $91.39. Alliant Techsystems closed at $84.20 in the previous trading session.

QUALCOMM, Inc. (NASDAQ: QCOM) fell 8.58% to $43.19 in the pre-market session. QUALCOMM was downgraded by ThinkEquity to Hold from Buy and the price target set to $42. In the last year, QCOM has gained over 29%. The 52-week trading range for QCOM is $32.64 - $49.80.

Taylor Capital Group, Inc. (NASDAQ: TAYC) was downgraded today by Keefe Bruyette to Underperform from Market Perform but the price target increased from $6 to $7. In the last six months, TAYC has gained over 30%. Taylor Capital Group closed at $9.50 in the previous trading session. The 52-week trading range for TAYC is $2.64 - $11.80.

Gerdau SA (ADR) (NYSE: GGB) gained 1.07% to $14.13 in the pre-market session despite Gerdau SA (ADR) being downgraded by Deutsche Bank to Hold from Buy and the price target reduced from $20 to $18. The 52-week trading range for GGB is $4.63 - $17.85. In the last six months, GGB has gained 20%.

Warner Chilcott Plc (NASDAQ: WCRX) plummeted 2.60% to $26.58 in the pre-market session after Warner Chilcott was downgraded by Jefferies & Co from Buy to Hold and the price target set to $26.50. In the last trading session, WCRX closed at $27.29.The 52 week trading range for WCRX is $9.24 - $29.24.

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