Yesterday, a federal judge from Maryland passed a ruling against the U.S. Department of Justice (DOJ) in favor of Booz Allen Hamilton Holding Corp (NYSE:BAH). According to the Wall Street Journal, the DOJ’s efforts to stop the buyout deal by Booz Allen Hamilton to takeover EverWatch Corp were denied.
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Based in the U.S., Booz Allen Hamilton Holding provides management and technology consulting services to governments, corporations, and not-for-profit organizations globally. It also offers analytics, digital solutions, engineering, and cyber expertise.
EverWatch is a government solutions company that provides advanced defense, intelligence, and deployed support to critical missions and cyber threats in the U.S. The deal between the two companies was announced in March 2022, but the terms of the deal were not disclosed.
The lawsuit by the U.S. Department of Justice was filed in June to disapprove the acquisition on grounds of threatening competition. The DOJ alleged that the acquisition would lead to a situation where only one company would be providing operational modeling and simulation services to the National Security Agency.
Is BAH a Buy?
As per TipRanks, the Wall Street community is clearly optimistic about Booz Allen Hamilton stock assigning it a Strong Buy consensus rating. The rating is based on six Buys and two Holds. Booz Allen’s average price target of $103.29 implies 7.05% upside potential from current levels.
Notably, BAH stock has a top-notch Smart Score of a “Perfect 10” on TipRanks. Furthermore, BAH stock has a very positive signal from hedge fund managers, who added 51,600 shares during the last quarter.
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