it looks to be very undervalued at or @ $53 when it is valued @ $82

company 4 sale

Buy - Price 46.73 on Dec. 29
by Morgan Joseph
We are... establishing a 12-month $64 price target. We had been concerned about Axsys' valuation when the stock was in the high 60s and low 70s. However, at the current level we believe there is sufficient upside, approximately 37%, to warrant a more aggressive posture. Management has indicated that its business is operating smoothly despite the macro economy. We visited clients with management last month, and during those meetings, it was reiterated that pricing and volumes have not been affected by weak general economic conditions.....We expect total revenue for 2008 of $243.4 million ...and net of $2.27 per diluted share. For 2009, [the figures are $279.7 million and $2.66].

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defense and potential for defending borders

Huge backlog, and not a well known name. A government contractor that could be bought by a larger company.