Wells Fargo Downgrades ManTech (MANT) to Underperform; Weak Q2 and Guidance
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Price: $27.80 -0.18%
Rating Summary:
1 Buy, 4 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
1 Buy, 4 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade MANT Now!
Wells Fargo downgraded ManTech (NASDAQ: MANT) from Market Perform to Underperform with a price target of $20-$22 (from $23-$25).
Analyst, Edward S. Caso, Jr., said, "Revenue of $639 million and EPS of $0.67 came in well below our/Street's $710MM/$746MM revenue estimates and $0.73/$0.77 EPS estimates, respectively. Management continued to suggest an environment of high funding uncertainty, but was optimistic that yesterday's (8/1) announced verbal agreement in Congress to sign a six-month (through March 31, 2013) Continuing Resolution to fund the federal government was a very positive development. It remains unclear to us how this might conflict with the legislated sequestration spending reductions expected to go into effect January 2."
FY12 EPS estimate lowered from $2.89 to $2.75 and FY13 from $2.91 to $2.80.
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 $20.94 yesterday, with a 52 week range of $20.83-$40.23.
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Analyst, Edward S. Caso, Jr., said, "Revenue of $639 million and EPS of $0.67 came in well below our/Street's $710MM/$746MM revenue estimates and $0.73/$0.77 EPS estimates, respectively. Management continued to suggest an environment of high funding uncertainty, but was optimistic that yesterday's (8/1) announced verbal agreement in Congress to sign a six-month (through March 31, 2013) Continuing Resolution to fund the federal government was a very positive development. It remains unclear to us how this might conflict with the legislated sequestration spending reductions expected to go into effect January 2."
FY12 EPS estimate lowered from $2.89 to $2.75 and FY13 from $2.91 to $2.80.
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 $20.94 yesterday, with a 52 week range of $20.83-$40.23.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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