Jefferies downgraded government information-technology services provider ManTech International (MANT) to hold from buy.
Analyst Joseph Vafi says given the in-line quarter, there's no change to the 2004 estimates, but the stock is trading very near its price target and he downgraded. He thinks the current valuation already has built iin expectations of P&L outperformance moving forward.
Additionally, Vafi fine-tuned the fourth-quarter estimates by a penny to the middle of guidance, taking into account some potential delay in supplemental defense appropriations focused on Iraq and Afghanistan. He trimmed the $1.09 2003 earnings per share estimate to $1.08.