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Benzinga
Benzinga
Business
Akanksha Bakshi

Goldman Sachs Downgrades This Security Solutions Provider

  • Goldman Sachs analyst Noah Poponak downgraded Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) to Neutral from Buy and lowered the price target to $21 from $30.
  • The analyst says the Air Force leadership's recent call for new programs to purchase loyal wingman tactical drones alongside major parts of its fleet looks like a long-term positive for Kratos.
  • Poponak mentions that it could also mean changes to prior programs, timeline extensions, reduced near-term visibility, and another transition year for the company in 2022.
  • Poponak says Kratos's organic revenue growth has been below his expectations for the last several years.
  • Price Action: KTOS shares are trading lower by 4.09% at $17.60 during the premarket session on Wednesday.
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