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CIBC World Ups Mercury Computer to 'Buy'

CIBC World upgraded Mercury Computer (MRCY) to buy from hold.

Analyst Andrew Huang says he is upgrading on improved visibility, as well as growth in orders for major defense deployment programs. He notes fourth quarter earnings per share exceeded his $0.19 estimate. Huang says while the fourth quarter clearly highlights the "lumpiness" of the defense business (80% of sales), investors should focus on the big picture. He says Mercury Computer has several contracts involving radar and sonar applications. He says "software-like" margins have supported a high degree of profitability despite recent delays in expected revenue growth.

Huang sees $1.00 in fiscal 2003 (June) earnings per share.

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