In a report published Wednesday, Jefferies reiterated its Hold rating on Mercury Systems (NASDAQ: MRCY), but lowered its price target from $7.70 to $7.00. Jefferies noted, “MRCY reported a loss of $0.16 for FQ2:13 EPS vs. our estimate of a loss of $0.22. Lower R&D expense was the majority of the difference vs. our forecast (Exhibit 1).