Credit Suisse Downgrades ManTech (MANT) to Neutral
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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."
Shares of ManTech closed at $40.23 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Downgrades Time Warner (TWX) to Neutral Following Takeover
- BMO Capital Raises Price Target on ManpowerGroup (MAN) Following 3Q Surprise
- Oppenheimer Raises Price Target on Microsoft (MSFT) to $65 Following 1Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesCredit Suisse
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!