Jefferies analyst Sheila Kahyaoglu downgraded Mercury Systems to Underperform from Hold with a price target of $30, down from $35. The company’s strategy shift extends into fiscal 2024 and its guidance “is in need of a reset,” the analyst tells investors in a research note. The firm applauds Mercury’s renewed focus on free cash flow, saying as it has long been its issue with the company. However, efforts to complete :challenged programs” and potential follow-on delays leave the firm’s estimates below expectations, Jefferies notes.
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