Booz Allen upgraded to Buy from Neutral at BofA

BofA analyst Ronald Epstein upgraded Booz Allen to Buy from Neutral with a price target of $130, up from $110. Booz Allen, which reported “strong” fiscal Q1 organic growth and hiring momentum, has “unique exposure” to rapidly growing technologies and modernization efforts supports strong organic growth in the near-term, the analyst tells investors. Softer-than-expected M&A activity also redirects capital deployment to its “historically successful shareholder-friendly strong dividend and buybacks approach,” the analyst added.