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Sterne Agee initiates coverage of the defense sector with a negative outlook, due to the falling...
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Friday, January 6, 2012, 9:00 AM ETSterne Agee initiates coverage of the defense sector with a negative outlook, due to the falling U.S. military budgets. However, Stern notes that the U.S. will still provide a market worth around $500B a year, "supporting near-term cash flows, dividend payouts and share buybacks." Sterne rates GD, MRCY and KEYW at buy; LMT, RTN and FLIR at neutral; and AVAV at underperform.
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