Morgan Stanley analyst Matthew Sharpe upgraded CACI to Overweight from Equal Weight with a price target of $355, up from $325. Government services rebounded in 2022, achieving stability in a volatile market, Sharpe tells investors in a research note. The analyst says "strong budgets are underwriting forward indicators that imply low- to mid-single digit revenue growth ahead." He believes valuations in the government services and technology "have some room to run."
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