As previously reported, BofA/Merrill analyst Ronald Epstein downgraded BWX Technologies to Underperform from Neutral with a price target of $52. The analyst says the company's visibility of long-term growth through its submarine/aircraft carrier modernization contracts also limits its near-term growth potential while also highlighting the "operational risk in its Navy business with the re-work required on missile tubes and management's strategy to expand into medical radioisotopes." Epstein further points to BWX Technologies' valuation sitting above its historical average on next-twelve-month earnings and enterprise value to EBITDA multiples basis.