CACI price target raised to $410 from $385 at Truist

Truist raised the firm’s price target on CACI to $410 from $385 and keeps a Buy rating on the shares as part of a broader research note previewing Q1 results in Government Services. The firm is positive on the group’s Bookings as being supportive of Street organic growth expectations, along with the “relatively conservative” FY24 guidance across the space and the passage of a FY24 budget that is underpinning a strong start to the year for defense outlays, the analyst tells investors in a research note. Truist adds that the company’s long-term growth algorithm of mid single-digit organic growth and 20bps of annual margin expansion should continue while the market appears to be valuing the stock as sub-par organic grower with a discount to scale Mission IT players.