RBC Capital raised the firm’s price target on Mercury Systems to $35 from $30 and keeps a Sector Perform rating on the shares. The company reported better than expected Q4 results, with adjusted EBITDA of $31.2M coming well ahead of consensus estimates of $14M, the analyst tells investors in a research note. Most importantly, Mercury Systems generated Q4 free cash flow of $61M and also outlined a significant reduction in its risk profile, leaving the firm confident in its continued program de-risking, RBC added.
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