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Benzinga
Benzinga
Business
Akanksha Bakshi

JPMorgan Upgrades Aerojet Rocketdyne, Raises Price Target By 22%

Aerojet Aerojet Rocketdyne JPMorgan
  • 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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