Amentum initiated with a Buy at BTIG

BTIG initiated coverage of Amentum (AMTM) with a Buy rating and $30 price target Amentum is a government services contractor that provides engineering and technology solutions to the U.S. government and allied nations, as well as commercial customers across five core end markets, the analyst tells investors in a research note. The firm believes budget concerns stemming from Department of Government Efficiency are overstated, given the “limited scope” of Amentum’s non-governmental agency and uncertainty around the tenure of its de facto head, Elon Musk. BTIG believes the company’s diversified exposure should help lessen the risk of the impact from potential budget cuts.