Credit Suisse Downgrades ManTech (MANT) to Neutral
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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."
Shares of ManTech closed at $40.23 yesterday.
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