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Boenning & Scattergood Announces Investment Opinion on ArgonST, Inc.
WEST CONSHOHOCKEN, Pa.-(Business Wire)-October 2, 2008 - Boenning & Scattergood initiated coverage of ArgonST Inc. (NASDAQ: STST) today with a Market Outperform rating and 12-month price target of $28. ArgonST designs and manufactures C4ISR solutions focused around sensors, signal intelligence, tracking and warning systems, and electronic warfare. Our investment thesis includes the following factors:
- As a leading pure-play signal intelligence provider, ArgonST is likely to reap the benefits of a growing C4ISR market.
- ArgonST’s COTS business model and program-lifecycle philosophy provide a sustainable competitive advantage while positioning the company for future success.
- Current programs and potential contract wins provide a more-than-adequate growth platform.
- ArgonST’s growth potential is likely to overshadow its average operating metrics.
- We expect military transformation and modernization spending to continue on its upward trajectory, regardless of Presidential election noise or war outcomes.
- Premium valuation justified, use pullback as buying opportunity.
About Boenning & Scattergood: Founded in 1914, Boenning & Scattergood, Inc. is the oldest independently owned investment securities firm in the Philadelphia region. The firm offers a full compliment of investment services to institutional, retail and corporate clients, including research, sales, trading, investment banking and public finance. For more information, please visit www.boenninginc.com. Member SIPC/FINRA.
This release is neither an offer to sell nor a solicitation to buy any securities mentioned herein. Please refer to the full report, which is available upon request, for additional details, risks and disclosures.
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