UPDATE: Deutsche Bank Raises L3's PT

According to a research report published this morning, Deutsche Bank has increased L3's LLL PT from $80 to $86. In the report, Deutsche Bank said, "EPS of $2.01 was ahead of our/Street's $1.91/$1.88 with the beat from $170M higher sales and 10bps better margins. Importantly, 1Q sales tracked 4% ahead of our estimates and on that stronger sales performance book: bill was an impressive 1.14x (vs. 0.95x expectation). We continue to believe LLL's 15% discount to defense peers and 60% higher fcf yield, as well as a lack of interest on the Street (1 buy, 16 neutrals, 2 sells) provides an opportunity. Maintain Buy." L3 is currently trading at $73.45.