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CE Unterberg Cuts Ultralife Batteries's Estimates

CE Unterberg cuts Ultralife Batteries (ULBI) estimates, but reiterates buy.

Analyst James McIlree says he would be a buyer on any weakness resulting from today's reduced revenue guidance from the company, which came after the U.S. Defense Department delayed a purchase.

He thinks the company's 2006 outlook remains strong in both military and commercial markets. He says his buy rating and $18 target reflect 2006 including deliveries on U.S. Army's NextGenII Phase IV award, continued growth in commercial endeavors -- both of which he believes likely.

McIlree cuts his second-quarter revenue estimate by $7 million to $20.7 million and now sees the company breaking even, vs. his former 10 cents earnings per share estimate. He also cuts his 38 cents 2005 earnings per share to 29 cents.

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