Mercury Systems price target lowered to $20 from $30 at BofA

BofA lowered the firm’s price target on Mercury Systems to $20 from $30 and keeps an Underperform rating on the shares following the pulling of its FY24 outlook earlier this month. While recent restructuring efforts “indicate intentions are in the right place,” the firm remains cautious as the outlook suspension indicates cost rises may not be fully behind the company and it reduced earnings estimates as the analyst contends that Mercury “has yet to turn a corner on cost control.”