Oppenheimer Maintains Underperform Rating on L-3 Communications Holdings

A report from Oppenheimer reiterates its Underperform rating on L-3 Communications Holdings LLL. The report states, “a quarter does not make a pattern, and the bigger picture isn't improving: contract awards are getting pushed out, the OCO pie is shrinking, and the rapid decline of L-3's service business places increasing doubt about its proposed spinout. We remain cautious on L-3." LLL closed yesterday at $69.06.