Strong Sales Reports From CACI International
JP Morgan has published a research report on CACI International (NYSE: CACI) after the company has reported continued strong sales and impressive contract funding orders.
In the report, JP Morgan writes "Q1 EPS of $0.92 exceeded our estimate by $0.11 and consensus by $0.05, driven by better than expected sales (+2%) and margins (+30 bps), as well as a lower than expected tax rate. Sales of $834 million beat our estimate, largely due to strong organic growth of 10.8%, and we expect improved organic growth for the remainder of the year. Management raised FY11 EPS guidance by $0.20 to $3.90-4.10 and sales guidance by $200 million to $3.45-3.6 billion to account for strong contract funding orders in the quarter and improved expectations for organic growth."
JP Morgan maintains its Neutral rating and has raised the price target from $50 to $51.
CACI International closed Friday at $50.12.
