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SG Cowen Lowers Mercury Computer to 'Neutral'


SG Cowen downgraded Mercury Computer (MRCY) to neutral from buy.

Analyst Robert Stone says while Q4 results just beat estimates, the company's design win streak in defense continues, and its near-term prospects are hampered by push-outs. He expects tough fiscal 2002 EPS comparisions on weak defense shipments and flat medical sales.

Stone cut the $1.60 fiscal 2002 (June) EPS estimate to $1.14, and trimmed the $220 million fiscal 2002 revenue estimate to $190 million. Stone says the company still enjoys a strong market position in its core business segments, but he thinks poor visibility and the lack of earnings growth prompt a downgrade.


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