Truist lowered the firm’s price target on SAIC (SAIC) to $100 from $115 and keeps a Hold rating on the shares. The company reported mixed Q1 results and investors remain concerned about SAIC’s near term book-to-bill growth targets and recent Department of Defense news., the analyst tells investors in a research note. Truist says SAIC’s adjusted EBITDA missed for the quarter due to various one-time items, including cost overruns on a Space Development project. It cites pressure on sector multiples for the target cut.
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