Needham & Company analyst James Ricchiuti trimmed estimates and his price target on Buy-rated Cubic (NYSE: CUB) to $54.00 (from $56.00) following Q2 results.

Ricchiuti commented, "CUB after the market yesterday reported its delayed results for FQ2 and FQ1 and restated results for F11-F13, a modest restatement that increased revenue and EPS and net worth. CUB shares, however, are likely to pull back today on a weak start to F14 due to higher startup-related service costs on its large multi-year transit project in Chicago. Mgmt still expects significant improvement in the transportation business this year, albeit skewed toward FQ4 and maintained its prior F14 revenue and EPS guidance, despite the large F1H miss. We are maintaining our Buy rating based on valuation, off what we still expect will be significantly improved EPS in the next 18 months."

They now look for F14 EPS of $2.60 vs.prior $2.65 on rev of $1.43B. They are lowering F15 EPS est. to $3.15 from $3.25 on rev of $1.5B.

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Shares of Cubic closed at $49.72 yesterday.