By: Carter Copeland

Our previous thesis on LLL was that while incoming CEO Chris Kubasik was likely to be successful in affecting value-creating change in the organization (the prevailing central theme in the bull case), the pace of that change was likely to test the market’s patience, hence our Neutral rating. However, with the entire defense group under pressure yesterday, we think the subtle nuances in LLL’s Q3 commentary are likely to get swept aside, but they shouldn’t, because that conference call was well done.

LLL Report Here