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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on MRCY:
- SHAREHOLDER ALERT: Potential Recovery for Mercury Systems, Inc. (MRCY) Investors
- Mercury Systems introduces ARES-SAR radar flight testing simulator
- Mercury Introduces First Commercial Air-to-Ground SAR Radar Flight Testing Simulator
- Fly Insider: Pulse Biosciences, Nvidia among week’s notable insider trades
- Airbnb downgraded, Moderna initiated: Wall Street’s top analyst calls
