Leidos price target raised to $150 from $135 at Truist

Truist raised the firm’s price target on Leidos to $150 from $135 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 is also positive on the company’s strategic pivot to drive improved performance from its existing asset base while pivoting from scale M&A to increased capital return.