Leidos price target raised to $126 from $121 at TD Cowen

TD Cowen raised the firm’s price target on Leidos to $126 from $121 and keeps an Outperform rating on the shares. The firm believes Defense IT offers healthy Q4 results and solid guides despite expected weak Q4 B2B’s and with fewer risks than defense primes. TCowen notes the group sells for a 15% discount to slower growing primes.