UPDATE 1-BB&T, Wells Fargo cut ManTech on COO departure

* BB&T Capital Markets cuts stock to hold from buy

* Wells Fargo cuts stock to market perform from outperform

* Shares down 9 pct

July 20 (BestGrowthStock) – At least two brokerages downgraded
ManTech International Corp (MANT.O: ), citing the resignation of
its President and Chief Operating Officer Larry Prior.

The defense technology company’s shares fell 9 percent in
morning trade.

“This departure raises a number of questions in our
opinion,” BB&T Capital Markets analyst Michael Lewis, who cut
ManTech stock to “hold” from “buy”, wrote in a note to clients.

ManTech Monday announced Prior’s resignation and said Chief
Executive Officer George Pedersen will assume the
responsibilities of the president.

The company said its three operating group presidents will
assume the chief operating officer’s duties.

Analyst Lewis raised doubts on the reason behind Prior’s
departure as president just one year into office, and if there
were any disagreement between Prior and the company.

“Following a string of new senior management announcements
orchestrated by Prior, will the recently hired personnel stay
with ManTech or follow Prior after non-solicitation agreements
end?,” the analyst wrote.

Wells Fargo, which downgraded shares of the company to
“market perform” from “outperform”, said it assumed “no
meaningful surprise” on ManTech’s results which is due July 28.

The brokerage lowered its valuation range on the stock to
between $41 and $45 from between $54 and $59.

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(Reporting by NR Sethuraman in Bangalore; Editing by Don

UPDATE 1-BB&T, Wells Fargo cut ManTech on COO departure