Credit Suisse Downgrades ManTech (MANT) to Neutral

September 29, 2016 6:30 AM EDT
Get Alerts MANT Hot Sheet
Price: $40.19 +0.50%

Rating Summary:
    1 Buy, 10 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Credit Suisse downgraded ManTech (NASDAQ: MANT) from Outperform to Neutral with a price target of $36.00 (from $37.00) on valuation.

Analyst Robert Spingarn commented, "As we roll our valuation to 2017 estimates, our TP drops by $1, to $36, based on a peer target FCF yield of 8%. While we expect organic growth trends to remain positive across the government services sector, the last ~5-months have seen MANT shares rise beyond our fair value estimate. They trade at a 7.3% FCF yield on 2017 estimates, making it the second most expensive stock behind best-in-class blue-chip BAH, while operating margins are expected to remain ~200bps below peers through our forecast period. Thus, we see MANT settling back a bit below current levels and reduce our rating to a relative Underperform, reflecting our updated TP."

For an analyst ratings summary and ratings history on ManTech click here. For more ratings news on ManTech click here.

Shares of ManTech closed at $40.23 yesterday.

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