Truist analyst Tobey Sommer raised the firm’s price target on SAIC to $130 from $115 but keeps a Hold rating on the shares. The company beat on Q3 earnings, raised its FY24 guidance and also forecast an improved multi-year outlook, the analyst tells investors in a research note. Truist adds however that while it is encouraged by SAIC’s improved organic growth outlook, this is also “fairly captured” in the stock’s 4% premium valuation on enterprise value to expected FY24 EBITDA.
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