11:00 FRPT Force Protection: New vehicle Ocelot targeting several international opportunities- Dougherty (5.53 -0.04)

Dougherty attended the Army Conference in Washington DC, where Force Protection exhibited its newly launched Ocelot vehicle. Firm says this vehicle is designed for the United Kingdom's Light Protected Patrol Vehicle requirement. Management expects a down-select on this competition before year-end and final contract award to one vendor in Q1FY10. The firm says this is an urgent requirement for up to 400 vehicles (approx $100 mln, assuming $250,000 per vehicle) Force will also target upcoming international opportunities in Canada, Australia and Europe with this vehicle. The firm says they have not included any Ocelot in our FY10 numbers; therefore this opportunity could provide upside if FRPT is successful. Although it is difficult to predict the final outcome, they believe Force has a good chance based on the vehicle's capability. Firm reits Buy and $7.50 tgt