CACI price target raised to $395 from $385 at BofA

BofA analyst Mariana Perez Mora raised the firm’s price target on CACI to $395 from $385 and keeps a Buy rating on the shares. The company, which currently has a backlog of $2.2B, expects to submit $14B of bids in the next two quarters, which the firm calls “a significant step up” from the $10B submission pipeline reported last quarter. The firm, which was “particularly pleased to hear management’s commentary surrounding the strengthening demand and award environment,” is raising its FY24 outlook to $7.4B from $7.3B as a result of the momentum in awards and backlog.