Kratos Defense downgraded to Neutral from Buy at B. Riley

B. Riley analyst Mike Crawford downgraded Kratos Defense (KTOS) to Neutral from Buy with a price target of $26, up from $24. The firm cites valuation for the downgrade with the shares up 19% year-to-date. Riley says its long-term enthusiasm for Kratos Defense “is undiminished,” however, and it will look for the conversion rate on the company’s $12B bid and proposal pipeline to “foreshadow potential further acceleration in growth.”