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Wachovia Upgrades ManTech

Wachovia ups ManTech International (MANT) to market perform from underperfrom.

Analyst Edward Caso says higher-than-normal "passthrough" revenue led to better-than-expected revenue of $229.8M. He notes a much lower-than-expected tax rate drove earnings per share to 33 cents, which is better than his forecast.

He says his upgrade reflects ManTech's decision to divest its troubled personal security investigation MSM business, which should get this "overhang" issue behind ManTech. He raises $1.23 2005 earnings per share estimate imate to $1.25 solely to reflect discontinued operations. He keeps $1.50 2006 earnings per share.

Caso sees ManTech shares trading in the $19 to $24 range, which is 14 times to 18 times his 2005 earnings per share estimate.

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