UPDATE: JP Morgan Upgrades SAIC to Overweight Ahead of Strategic Review Completion

JP Morgan raises its rating on SAIC

from Neutral to Overweight, while the price target remains at $13. JP Morgan comments, "We met with management this week, and while we do not have any specific insight into what actions the company might take, we increasingly sense that senior management is energized and committed to action. Jumper seems comfortable in his role and is focused on aggressively moving past a difficult time for the company (the CityTime scandal and 85% underperformance versus the S&P 500 over the past three years) and setting a new path. We see a few different potential levers that the company could pull in the coming weeks and months: a further realignment of the businesses, a division of the company into two pieces, and, perhaps most intriguingly, a more aggressive use of the balance sheet." SAI closed at $11.65 on Thursday.