It seems like Wall Street was ready for Orbcomm’s filing for Chapter 11 Bankruptcy protection, at least in terms of how it affected one of its parent companies – Orbital Sciences Corp. [ORB]
“We already removed the contribution of Orbcomm to Orbital shares and still believe that Orbital is severely under-valued,” reported Banc Of America. The New York-based investment firm reiterated its Buy rating on Orbital Sciences.
C.E. Unterberg, Towbin, however, remains a bit more cautious. “We hope this is rock bottom for Orbital,” reported the New York-based investment firm. “This issue has been hanging over the company’s head for the past few months and likely is discouraging investors in Orbital. Although we have remained quite skeptical of the company and its stock over the past year, we believe it hopefully has bottomed out.” Unterberg maintained its Neutral rating on Orbital shares.