Mercury Systems price target lowered to $48 from $58 at Truist

Truist analyst Michael Ciarmoli lowered the firm’s price target on Mercury Systems to $48 from $58 but keeps a Buy rating on the shares. The company’s stock price may decline following the conclusion of its strategic review and the announcement that a sale of the company did not materialize, but the leadership changes are a solid first step that should appease current shareholders and possibly attract new investors, the analyst tells investors in a research note. The firm also maintains its view that Mercury Systems offers significant strategic value in the defense electronics sector.