Markets & Finance

SG Cowen Raises Estimates on Mercury Computer

SG Cowen raised estimates on Mercury Computer (MRCY).

Analyst Robert Stone says Mercury gave extensive anecdotal evidence to explain the process underway in defense spending. He notes investors have been puzzled about weakness in the segment in context of rising defense budgets. Stone says the war on terrorism causing re-allocation and prioritization of funding due to operational concerns. He notes Mercury stands to benefit from R&D and production of new platform systems, but in the short term he thinks visibility on revenues remains somewhat limited. Stone maintains his neutral rating but raised his $0.58 2002 earnings per share estimate to $0.67, and upped the $0.85 2003 estimate to $0.90.'

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