TD Cowen analyst Gautam Khanna downgraded Booz Allen (BAH) to Hold from Buy with a price target of $105, down from $125. The firm sees the company reducing its fiscal 2026 guidance when reporting September quarter results. This should also reduce Street earnings estimates for fiscal 2027, the analyst tells investors in a research note. TD believes the “tough” macro backdrop for government services companies continues. The headwinds won’t persist indefinitely, but Booz Allen’s bookings over the next few quarters “are apt to be middling,” the firm contends.
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