Mercury Systems Inc (NASDAQ:MRCY) is one of the best stocks to buy according to Billionaire Barry Rosenstein.
The stock has surged more than 120% over the past year, and some 32 hedge funds are backing it
Mercury Systems accounts for roughly 19% of the billionaire’s portfolio. On June 2, Jefferies raised its price target on Mercury Systems Inc (NASDAQ:MRCY) shares to $105 from $95 while keeping a Hold rating on the stock. The brokerage raised the target after meeting the company’s executive team, including CEO Bill Ballhaus.
Jefferies noted that Mercury’s low-margin backlog is diminishing quickly, and may be out of the base by fiscal 2027. The company exited the March quarter with a backlog of $1.6 billion, which it said increased almost 18% from the prior year. The company expects to recognize $891 million of the backlog as revenue in the next 12 months.