JPMorgan upgraded SAIC to Overweight from Neutral with a price target of $170, up from $150. The April investor day emphasized plans to transition SAIC towards higher value work and while this process remains in the early stages, last quarter’s results showed the company is making progress, the analyst tells investors in a research note. The firm sees this in the increase in SAIC’s qualified pipeline from $115B in fiscal 2024 to $130B now and in the planned increase in submitted bids from $17B last year to $22B this year. JPMorgan says the stock’s valuation suggests “the market remains skeptical,” creating a favorable risk/reward.
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