William Blair & Company Adjusts Estimates On Mercury Computer Systems, Inc. (MRCY)

William Blair & Company is out with a report this morning, where it reiterates its “outperform” rating on shares of Mercury Computer Systems, Inc. MRCY. MRCY posted second quarter EPS results of $0.77, which significantly exceeded WB ($0.25) and consensus ($0.27) estimates. Outperformance in the ACS Commercial business helped drive top-line results of $63.6M, which surpassed WB’s estimates by $4.7M. William Blair notes, “While we are still expecting solid growth in the core ACS defense business, our growth expectations continue to be tempered, given the difficult government budgeting environment. Trading at an fiscal 2011 EV/EBITDA ratio of 8 times, we believe Mercury is still attractively valued relative to its potential to achieve reaccelerating growth and significant operating leverage left in the model. We believe Mercury may also benefit from continued positive earnings.” The analysts at WB have lowered their fiscal first-year quarter estimates on revenue and earnings per share to reflect guidance; WB forecasts revenue of $48.5M and EPS of $0.04. Analysts also adjusted their full year 2011 bottom-line estimate by $0.13, down to $0.41.