Telos price target raised to $3.50 from $3.25 at DA Davidson

DA Davidson raised the firm’s price target on Telos to $3.50 from $3.25 but keeps a Neutral rating on the shares. The company’s Q4 results were well ahead of estiamtes as it had won a new contract that allows for up to $525M in revenue over a 5-year period, the analyst tells investors in a research note. The firm adds however that FY24 guidance was not given because of the uncertainty, though commentary and modeling points from the management suggest that 2024 revenue and EBITDA will likely be well below what consensus was looking for.