Jesup & Lamont Downgrades ManTech International (MANT) to Hold

March 4, 2009 9:58 AM EST

Jesup & Lamont downgrades ManTech International (Nasdaq: MANT) from Buy to Hold.

Jesup analyst says, "Last night after the close MANT announced that Robert A. Coleman, MANT's President and COO, will resign...In our view, Mr. Coleman, was instrumental in MANT's ascension to one of the premiere defense IT names. MANT has a terrific reputation for a strong backlog, above industry organic growth, great positioning, execution ability and exceptional growth opportunities. That said, we believe the attributes of MANT, highlighted above, are offset by the uncertainty created by the departure of this key executive. Given the uncertainty/lack of confidence in the markets and a valuation of 14.9x forward earnings and 7.0x forward EBITDA (a premium to the market and its peer group), the stock is not priced to absorb uncertainty. As a result, we believe it is prudent to stay on the sidelines for now, especially while the search for Mr. Coleman's replacement is ongoing."

To see more analyst ratings on MANT click here.

ManTech International Corporation (ManTech) is a provider of technologies and solutions for mission-critical national security programs for the Intelligence Community; the Departments of Defense, state, homeland security and justice; the Space Community and other United States federal government customers.

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