SAIC price target raised to $120 from $105 at Truist

Truist analyst Tobey Sommer raised the firm’s price target on SAIC to $120 from $105 but keeps a Hold rating on the shares. The analyst cites the company’s "slight upside" with Q3 results and its in-line preliminary guidance for FY24, along with the management’s commentary regarding SAIC’s potential to deliver double-digit free cash flow per share growth. Sommer adds however that he still find it difficult to justify a peer average enterprise value to expected EBITDA multiple for a subpar organic grower.