Goldman Sachs downgraded Booz Allen (BAH) to Sell from Neutral with a price target of $94, down from $108. The firm sees limited revenue and earnings growth over the medium-term for the company while saying the stock’s valuation still has downside risk. Goldman sees Booz Allen’s medium-term revenue growth now closer to flat as federal civilian spending is under pressure, and priorities shift within Department of Defense. It sees risk to the company’s margins as contract structures change. Booz Allen’s valuation levels can go lower if its earnings are flat, contends the firm.
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