Cray: DARPA Concern Overblown

Shares of Cray (CRAY) continue to trade down today as they have for the last month or so, prompting a note from Thomas Weisel analyst Doug Reid this morning reiterating his “Overweight” rating on the shares. Cray’s stock is being held back by concerns the company won’t get its full reimbursement from the U.S. Defense Advance Research Projects Agency for R&D expenses on work it’s done for the agency. Investors’ concerns are ill-placed, Reid writes.

Though there’s a delay in reimbursement, Cray likely won’t have to take a lower rate on future reimbursement from DARPA, he believes.

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