Leidos: Joint Venture With Analogic Unlocks Long-Term Value Creation and Supports Buy Rating

Jefferies analyst Sheila Kahyaoglu has maintained their bullish stance on LDOS stock, giving a Buy rating on April 13.

Sheila Kahyaoglu has given his Buy rating due to a combination of factors tied to the newly announced joint venture between Leidos’s Security Enterprise Solutions unit and Analogic, which is expected to close in the second half of 2026. The structure gives Leidos a 41.5% ownership interest, with the venture initially adding an estimated $625 million of sales in 2026, enhancing the company’s presence in security screening and enabling operating synergies despite near‑term margins below the broader Homeland segment.

Over time, she expects the combined platform to expand meaningfully, projecting around $1.6 billion in revenue and $170 million in EBITDA by 2030, implying margin improvement to roughly 10.5%. Applying a 14x multiple at a potential IPO or strategic sale yields an enterprise value of about $2.4 billion for the joint venture, translating to roughly $1 billion for Leidos’s stake, which she views as a material value creation opportunity that underpins the Buy recommendation.

Kahyaoglu covers the Industrials sector, focusing on stocks such as Boeing, Delta Air Lines, and Transdigm Group. According to TipRanks, Kahyaoglu has an average return of 13.5% and a 61.07% success rate on recommended stocks.

In another report released on April 13, J.P. Morgan also maintained a Buy rating on the stock with a $210.00 price target.