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First Albany Lowers ManTech International to Neutral

First Albany downgraded ManTech International (MANT) to neutral from buy.

Analyst Randall Scherago says the lowering of both second quarter and 2004 guidance highlights what he believes are internal control issues that are specific to the company's recent acquisition binge. He notes the company cut the guidance due to changes in revenue estimates for a fixed-price contract that accounted for only 5% of total revenues and days-sales outstanding of over 97 days (whereas the typical industry range is 75 to 80 days).

Also, Scherago cited the history of inconsistent and erratic earnings growth. He cut the $1.42 2004 EPS estimate to $1.10, cut the $1.62 2005 estimate to $1.42; cut the $855.8 million 2004 revenue estimate to $829.8 million, and cut the $980 million 2005 revenue estimate to $940 million.

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