Applied Signal Technology "outperform," target price reduced

12/19/06 - Ryan, Beck & Co

NEW YORK, December 19 (newratings.com) - Analysts at Ryan Beck & Co maintain their "outperform" rating on Applied Signal Technology Inc (APSG), while reducing their estimates for the company. The 12-month target price has been reduced from $27 to $20.

In a research note published this morning, the analysts mention that the company has reported its F4Q06 results significantly short of the expectations on account of delays in shipments and customer orders. There is uncertainty regarding the SIGINT space, the analysts say. The EPS estimates for 2006 and 2007 have been reduced from $0.52 to $0.36 and from $0.88 to $0.68, respectively.