Wells Fargo Downgrades ManTech (MANT) to Underperform on "Sequestration" impact
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Price: $95.98 --0%
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 9 | New: 18
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 9 | New: 18
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Wells Fargo downgraded ManTech (NASDAQ: MANT) from Market Perform to Underperform and cut its price target from $20-$22 to $19-$21 saying the Sequestration will likely and should impact services relatively more.
The firm comments, "While we have had an Underweight sector rating for Government Services for some time, we now believe that volume/pricing pressure is accelerating and the near-term business interruption from a likely (in our view) "Sequestration" impact should lead to lower results with particular impact on the first and second calendar quarters of 2013, and potentially some impact to the fourth calendar quarter of 2012."
The firm cut FY2013 (December) EPS to $2.51 from $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 $23.55 yesterday.
The firm comments, "While we have had an Underweight sector rating for Government Services for some time, we now believe that volume/pricing pressure is accelerating and the near-term business interruption from a likely (in our view) "Sequestration" impact should lead to lower results with particular impact on the first and second calendar quarters of 2013, and potentially some impact to the fourth calendar quarter of 2012."
The firm cut FY2013 (December) EPS to $2.51 from $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 $23.55 yesterday.
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