Kratos Defense price target raised to $48 from $44 at JPMorgan

JPMorgan analyst Seth Seifman raised the firm’s price target on Kratos Defense (KTOS) to $48 from $44 and keeps a Neutral rating on the shares after the company raised about $500M of equity last week with about 13M shares priced at $38.50. The primary driver of the capital raise is new program opportunities as the company builds its capabilities and the DOD seeks to expand the defense industrial base, notes the analyst, who points out that the stock closed well above the offer price Friday, at nearly $46.