UPDATE: Morgan Keegan Reiterates Perform, Lowers Target to $70 on L-3 Communications

Morgan Keegan maintains its Market Perform rating on L-3 Communications Holdings, Inc. LLL and lowers its price target to $70 from $74 following the company's analyst update. Morgan Keegan says, “Management announced weaker than expected 2012 guidance of $14.4 - $14.6 billion in revenue and $8.35 - $8.55 in EPS; our previous estimates were $15.2 billion and $8.97,consensus was $15.1 billion and $8.90. …We are lowering our 2012 estimates from $15.2 billion in revenue and $8.97 in EPS to $14.4 billion and $8.48, and our 2013 estimates from $15.2 billion and $9.05 to $14.1 billion and $8.72 (these do not reflect the Engility spinoff or the potential from sequestration).” LLL closed at $67.29 per share on Tuesday.