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CIBC World Cuts L-3 to Sector Perform

From Standard & Poor's Equity Research

CIBC World downgraded L-3 Communications (LLL) to sector perform from sector outperform, noting factors such as uncertainty over the company's option grant timing.

Analyst Myles Walton also bases the downgrade upon the company's recent pricier acquisitions and its lack of visibility with succession planning. He says that what we're seeing is a departure from value-play acquisition strategy. He believes sector perform is a more appropriate rating given his still-outstanding questions on the options issue. At Tuesday's close, the shares traded at about 13.7 times his $5.70 2007 earnings per share (EPS) estimate, a valuation he views as reasonable.

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