Leidos price target lowered to $87 from $103 at Wells Fargo

Wells Fargo analyst Matthew Akers lowered the firm’s price target on Leidos to $87 from $103 and keeps an Equal Weight rating on the shares. The firm was "surprised" at the magnitude of the selloff in Leidos shares, but thinks it’s hard to step in here as the second half of the year ramp looks challenging, CEO change brings uncertainty and macro backdrop for defense is tough.