Baird lowered the firm’s price target on Mercury Systems to $30 from $40 and keeps a Neutral rating on the shares. On Friday, Mercury announced that it decided to remain independent after 40 different parties were offered and 20 parties reviewed Mercury as an acquisition candidate, and Mercury’s CEO resigned with board member Bill Ballhaus being appointed interim president and CEO, the analyst tells investors in a research note. The firm was concerned this might be the conclusion once activists starting reducing their positions, indicating the review was stalling out.
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