KeyBanc lowered the firm's price target on Karman to $100 from $122 and keeps an Overweight rating on the shares following quarterly results. The firm cites incrementally higher near-term investments and integration costs, while its long-term thesis remains intact. KeyBanc believes Karman is well-positioned to capitalize on the replenishment of missile inventories, growing investment in commercial/government space programs, a strong A&D backdrop, and potential M&A opportunities. The firm continues to see strong value for long-term investors.
