Raymond James upgraded Mercury Systems (MRCY) to Strong Buy from Outperform with a price target of $80, up from $55, following the “beat and raise” quarter. The firm says Mercury cold be the biggest margin story in the defense space with the potential to drive EBITDA margin growth of 70% over the next two years. In addition, the company’s revenue visibility is increasing with backlog strength while its multiple expansion has lagged peers, the analyst tells investors in a research note.
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