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

In a report published Friday, Jefferies & Company reiterated its Hold rating on Mercury Computer Systems

, but lowered its price target from $12.00 to $7.70. Jefferies noted, “After the market close, MRCY lowered Q1:FY13 guidance to a loss of $0.24-$0.28, which includes a restructuring charge of $4.7MM ($0.10) that was not included in previous guidance. Our estimate had been for a loss of $0.02 for the quarter. A delay in SEWIP Block 2 orders, and related gross margin declines further contributed to the loss. We are lowering our FY2013 EPS estimate to $0.15 from $0.50.” Mercury Computer Systems closed on Thursday at $9.64.