B. Riley analyst Mike Crawford downgraded Kratos Defense (KTOS) to Neutral from Buy but with a higher price target of $105, up from $72. The stock’s valuation is getting stretched, looking less based on the probable net present value of future free cash flow and more correlated with the “escalating” multiples of high-flying tech comps, the analyst tells investors in a research note. Kratos is “executing magnificently” on multiple fronts however, as evidenced most recently by the company’s $175M Project Anaconda win, the firm added.
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