UPDATE: JP Morgan Lowers PT to $5.50 on TeleCommunication Systems

A report from J.P. Morgan reiterates its Neutral rating and lowers its price target from $6.50 to $5.50 on TeleCommunication Systems TSYS. The report states, “TSYS reported 3Q results that matched but issued slightly disappointing FY11 guidance again. Backlog continues to grow but visibility is tilting toward growth in lower margin government systems sales. We are adjusting estimates accordingly." TSYS closed yesterday at $3.94.