"That drop gave us the opportunity to buy what we think is a $16-$18 per share business," Cinnamond said, noting that, for about 80% of the company's sales, Applied Signal is the sole provider of that product.
Applied Signal could also be a buyout candidate, Cinnamond said.
"I think they are going to get snapped up," he said. "Their technology can be used in so many ways. They have stuff for the battlefield and stuff for the telecommunications market. They are not really correlated to defense spending."