Jefferies Reiterates Hold, $75 Target on L-3 Communications

Jefferies maintains its Hold rating and $75 target price on L-3 Communications LLL as the company looks to expand its platform. Jefferies comments, “LLL announced an agreement to acquire Kollmorgen Electro-Optical, a unit of Danaher (DHR, BUY, $46.00). The purchase price of $210MM represents 7-8x 2012E EBITDA. The portfolio will help enhance L-3's ISR and situational awareness offerings. The deal is expected to close in the first quarter of 2012.” LLL closed at $65.18 per share on Tuesday.