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Benzinga

Business

Akanksha Bakshi

JPMorgan Upgrades Aerojet Rocketdyne, Raises Price Target By 22%

Aerojet Aerojet Rocketdyne JPMorgan Seth Seifman

Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) has been upgraded to Overweight from Neutral by JPMorgan analyst Seth Seifman.
The analyst also raised the price target to $49 from $40 (15% upside).
Seifman mentions that the stock's current valuation is attractive, reflecting Aerojet's visible growth, net cash position, and the potential (eventually) to be acquired.
According to the analyst, the ongoing proxy war between the CEO and the chairman is an unusual overhang.
Meanwhile, Seifman noted that Aerojet is worth exploring now.
Related: Aerojet Rocketdyne Stock Plummets As FTC Sues To Block Lockheed Martin Deal
Price Action: AJRD shares are trading higher by 6.34% at $42.58 on the last check Thursday.

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