UPDATE: JP Morgan Raises PT to $59 on CACI International on Cheap Valuation
JP Morgan reiterates its Neutral rating on CACI International (NYSE: CACI) and raises its price target from $52 to $59.
JP Morgan comments, "CACI has been a volatile stock in recent weeks, dropping 32% in the month following its May 2nd earnings announcement and then bouncing back 17% off June 1st's low after the company provided its initial FY13 guidance, which was boosted by a 4mn share repurchase. …We are maintaining our N rating, as while we do see solid upside for the stock if things go right, this is mitigated by lower transparency, a higher risk business model including acquisitions, and modestly higher financial leverage than most peers."
CACI closed at $48.62 on Wednesday.
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