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  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "pageNumber": 48,
  "pageCount": 57,
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  "notes": "The slide uses a table to highlight the limited and potentially overly optimistic analyst coverage to set up a bearish thesis.",
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      "text": "We expect a substantial re-rating lower in the share price once investors see that revenue programs are disappearing, and critically analyze the quality of the Company’s earnings and its valuation adjusted for significant liabilities.",
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      "text": "Price Target: $41.00",
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      "kind": "paragraph",
      "text": "Aerojet is covered by a roster of smaller brokers. They are currently split between \"Buy\" and \"Hold\" on the stock. We expect a substantial re-rating lower in the share price once investors see that revenue programs are disappearing, and critically analyze the quality of the Company’s earnings and its valuation adjusted for significant liabilities.",
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      "text": "1) Upside based on $34.15 share price",
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      "kind": "title",
      "text": "Aerojet Is Poorly Covered By Just A Few Brokers",
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