Truist analyst Michael Ciarmoli upgraded Mercury Systems (MRCY) to Buy from Hold with a price target of $56, up from $49. The firm still believes Mercury is in the early stages of a complex turnaround under new leadership, but has seen enough tangible evidence to date of operational improvements to give confidence that sustained organic growth, EBITDA margin expansion, and improving free cash flow will “characterize the story in the coming periods,” the analyst tells investors.
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