Leidos price target lowered to $90 from $100 at RBC Capital

RBC Capital lowered the firm’s price target on Leidos to $90 from $100 and keeps a Sector Perform rating on the shares after its Q1 earnings miss. While the company’s organic growth was 5% in the quarter, the earnings miss and margin deterioration weighed on sentiment as Civil and Health segments margins disappointed, the analyst tells investors in a research note. Sentiment is likely further impacted by the risk of a CR on the FY24 defense budget, RBC added.