J.P. Morgan Raises GeoEye PT From $41 To $42.50 On SPADAC Acquisition

GeoEye, Inc. GEOY announced that it will acquire privately-held SPADAC for $46mm, J.P. Morgan reports. “We are increasing our FY11 and FY12 revenue and EBITDA estimates accordingly. FY12 gross PF EBITDA goes to $186.6mm on $398.3mm (from $180.0mm on $354.4mm),” J.P. Morgan writes, noting that its PT goes from $41 to $42.50. “We maintain our Neutral rating primarily on valuation and look for pullbacks before potentially adding to positions.” GeoEye currently trades at $41.66.