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Raymond James Slashes EDO Rating to Market Perform

Raymond James downgraded EDO (EDO) to market perform from strong buy, explaining that the defense products maker faces challenges such as competition and bureacratic intransigence.

Analyst Chris Quilty says that last night, the US Marine Corps awarded the company's rival General Dynamics (GD) a $289 million contract for Ground Mobile Electronics Counter Measure Systems, representing yet another lost opportunity for EDO's Warlock jammers product. He thinks his $80 million 2006 revenue estimate could be at risk considering EDO's diminished risk and reward profile.

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