According to CNBC, JPMorgan upgraded Mercury Systems to overweight from neutral after the company reported fiscal first-quarter earnings and revenue above expectations. JPMorgan lowered its price target to $102 from $110, a forecast that implied 22% upside from Tuesday’s close. Mercury also raised its full-year adjusted EBITDA guidance and revenue growth outlook. Analyst Seth Seifman wrote in a Wednesday note that the quarter demonstrated the company’s ability to perform strongly, though he did not consider it a limit on future results. Bookings across missiles, radar and electronic-warfare technologies boosted the backlog, while gross margin reached 35.2%, its highest level since the second quarter of fiscal 2023.