KBR price target lowered to $70 from $80 at BofA

BofA analyst Mariana Perez Mora lowered the firm’s price target on KBR (KBR) to $70 from $80 and keeps a Buy rating on the shares. Among the firm’s Defense services coverage, the analyst adjusted price objectives mainly to factor in the market de-rating as well as investor appetite for exposure to defense services considering the headline risks. However, the analyst adds that the firm thinks the drawdown in the group since the start of the new administration is “overdone and the market can’t see the forest for the trees.”