Consulting and digital services provider ICF International was awarded two contracts worth about $16 million from the U.S. Labor Department. These contracts are to provide IT and cybersecurity workforce development services under the H-1B One Workforce Grant Program.
Andy Zehe, ICF (ICFI) senior vice president and Justice, workforce and community development lead, said, “The One Workforce program will significantly enhance the skills and knowledge of the workforce in the critical and high growth IT and cybersecurity sectors.”
Zehe added, “We look forward to coordinating with our regional partners to build career pathways that will contribute to economic growth and strengthen the American workforce.” (See ICF International stock analysis on TipRanks)
The H-1B One Workforce Grant Program makes investments in preparing the current and future workforce for careers in industries like IT, advanced manufacturing, and transportation.
Of the two contracts, the first 4-year contract, which is worth roughly $8.6 million, is to provide workforce strategies to train workers and job seekers for middle to high skilled occupations in IT and cybersecurity across the Commonwealth of Virginia.
The second 4-year contract of about $7 million is to develop work-based learning and employment opportunities for veterans and their spouses in IT and cybersecurity in the Fort Gordon, Georgia area. Under this contract, ICF will work with the Augusta Economic Development Authority and area employers.
Last month, Barrington analyst Kevin Steinke reiterated a Buy rating on the stock and increased the price target to $96 (4.9% upside potential) from $88.
Commenting on the company’s 4Q performance, Steinke said, “ICF ended 2020 with positive business momentum that is expected to translate into faster service revenue growth in 2021 and continued growth in future years.”
The consensus on the Street is that ICF is a Strong Buy, based on 3 unanimous Buys. The average analyst price target of $104.67 implies an upside potential of 14.4%. Shares have gained about 36% over the past six months.