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UPDATE: JP Morgan Raises PT to $38 on Computer Sciences Corporation Following Solid FQ2 Profits

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JP Morgan reiterated its Underweight rating on Computer Sciences Corporation (NYSE: CSC) but raised its price target from $34 to $38.

JP Morgan commented, "CSC's F2Q results were mixed, but included very solid profitability which drove the stock up 17% (vs. S&P 500 up 1%). We believe F2Q results indicate management's restructuring plan to enhance profitability is already producing better results. We are also encouraged with progress in the NHS contract (a binding contract finally signed) and prepayment on the upcoming debt maturity. However, with the stock seemingly pricing in much of the near term margin progress (11x our CY13 estimates), drawn out nature of the company's restructuring (CSC targets $5 in earnings in FY17), and continued underperformance in top-line metrics, we maintain our UW rating."

Computer Sciences Corporation closed at $36.80 on Tuesday.

Latest Ratings for CSC

Nov 2015Cowen & CompanyInitiates Coverage onOutperform
Sep 2015Deutsche BankMaintainsHold
Sep 2015Deutsche BankMaintainsHold

View More Analyst Ratings for CSC
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Price Target Intraday Update Analyst Ratings


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