Why Are Mantech International Shares Soaring Today?

BofA analyst Mariana Perez Mora double upgraded Mantech International Corp MANT to Buy from Underperform and raised the price target to $90, from $75.
The company's co-founder George Pedersen is exploring options for his controlling stake, which includes a sale of the U.S. defense contractor, with a market value of more than $3 billion, reported Reuters.
The analyst mentions the dual-class ownership structure has put a limit on ManTech's considerable upside as well as opportunistic share buybacks.
Perez Mora believes Pedersen's change in approach "opens meaningful strategic options" for ManTech that were not possible before. Given its profile and size, the company could be an attractive takeover target, contends Perez Mora.
Price Action: MANT shares are trading higher by 8.92% at $80.45 on the last check Friday.