Orbital Sciences downgraded to "hold"

07/20/09 - Morgan Joseph & Co

NEW YORK, July 20 (newratings.com) - Analysts at Morgan Joseph downgrade Orbital Sciences Corp (ORB) from "buy" to "hold."

In a research note published this morning, the analysts mention that a cut in government programmes is expected to result in reduced revenues in the current year. Orbital Sciences also faces delays to its launch abort system for NASA’s Orion space shuttle replacement programme, the analysts say. The company’s shares are unlikely to appreciate in the near term, in the wake of the expected delays in some of its programs, Morgan Joseph adds.