Stifel Reiterates Buy as Cray (CRAY) Announces DoD Contract Win
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Stifel reiterated a Buy rating and $40.00 price target on Cray (NASDAQ: CRAY) following the company's announced $26 million contract win by the Department of Defense.
Analyst Aaron Rakers commented, "This morning Cray (CRAY, Buy, $19.85; closing prices 11/4/16) announced that it has been awarded a contract valued at $26 million of product revenue for a Cray XC40 supercomptuer and three Sonexion storage systems by the Department of Defense (DoD) High Performance Computing Modernization Program (HPCMP). These systems will be deployed at the U.S. Army Engineer Research and Development Center DoD Supercomputing Resource Center (ERDC DSRC) in Vicksburg, Mississippi with expected installation in mid-2017. The new system will include Intel’s Xeon E5 computing cores, as well as Intel Xeon Phi (Knights Landing) processors and will represent the first-ever production-ready Knights Landing system for the HPCMP. Cray notes that it has worked close with the HPCMP since its inception more than 20 years ago."
Shares of Cray closed at $19.85 yesterday.
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