Mercury Systems price target lowered to $58 from $69 at Truist

Truist analyst Michael Ciarmoli lowered the firm’s price target on Mercury Systems to $58 from $69 but keeps a Buy rating on the shares. The company’s EBITDA guidance was slashed by 45% and the firm has also cut its FY23-24 estimates in response, but it is maintaining a Buy rating given Mercury Systems’ ongoing strategic review which either results in a sale of the company or broader management changes, the analyst tells investors in a research note.