Credit Suisse analyst Robert Spingarn raised his price target on ManTech to $47 from $44 after the company posted a "solid" book-to-bill ratio in the fourth quarter, telling investors in a research note that the "supportive" defense budget backdrop is likely to continue, driving demand for the company's solutions and services, though not necessarily at the high growth rates that some may derive from the headline book/bill. Springarn said ManTech's very full valuation keeps the company at "the bottom of our pecking order." The analyst has an Underperform rating on shares.