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Jefferies reiterates its Buy rating on Mercury Computer Systems
MRCY and lowered its price target to $16 from $20 as challenges in outlook offset strong quarter earnings.
Jefferies says, "We are lowering our EPS for FY12 and FY13 to $0.60 and $0.67 from $0.75 and $1.00 due to program delays and somewhat faster runoff of the commercial business than we had expected. For FY12 and 13 respectively, Adjusted EBITDA is cut to $47.5 and $50 million from $50 and $58 million, respectively."
MRCY closed at $14.98 a share on Tuesday.
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