B. Riley analyst Zach Cummins lowered the firm’s price target on Telos to $4 from $5.50 and keeps a Buy rating on the shares following the Q2 report. The Q2 beat was overshadowed by news that protest timelines for two major program awards have elongated, the analyst tells investors in a research note. However, the firm believes the 47% selloff on Friday “is substantially overdone. Although extended from the initial timeline, it is still likely that the protests are resolved in the company’s favor before the end of this year, with the biggest program potentially resolved in late Q3, contends Riley. It recommends taking advantage of the selloff in the shares.
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