UPDATE: Credit Suisse Upgrades Alliant Techsystems as Earnings Momentum Rises

In a report published Wednesday, Credit Suisse analyst Robert Spingarn upgraded the rating on Alliant Techsystems (NYSE: ATK) from Neutral to Outperform, and raised the price target from $111.00 to $148.00.

In the report, Credit Suisse noted, “With Defense shrinking to just 30% of sales, Aerospace growing quietly and Sporting ever-expanding both organically and externally, we think consensus is low for ATK in FY15 & FY16. Given an inexpensive valuation on our latest forecast, upward momentum in Street expectations and a continued re-rating of the shares makes ATK attractive even after a strong run YTD.”

Alliant Techsystems closed on Tuesday at $113.93.