UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Mercury Systems

In a report published Wednesday, Jefferies reiterated its Hold rating on Mercury Systems

, but slightly lowered its price target from $7.70 to $7.00. Jefferies noted, “MRCY reported a loss of $0.16 for FQ2:13 EPS vs. our estimate of a loss of $0.22. Lower R&D expense was the majority of the difference vs. our forecast (Exhibit 1). Our FY13 EPS estimate increases to a loss of $0.35 from a loss of $0.25. Driven by lower volumes, we are revising our FY14 EPS estimate to $0.05 from $0.50. We continue to rate MRCY HOLD.” Mercury Systems closed on Tuesday at $7.95.