UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Leidos Holdings on Some Positives in Today's Print

In a report published Tuesday, Jefferies analyst Jason Kupferberg reiterated a Hold rating on

, but lowered the price target from $45.00 to $44.00. In the report, Jefferies noted, “Incremental info vs. the pre-announcement on 12/3 includes: 1) declared $0.32/qtr cash dividend (~3% yield), 2) 20M share buy-back authorization (~25% shares o/s), 3) strong book-to-bill of 1.7, 4) gov't payment delays causing cash flow to shift from F14 to F15, 5) elements supporting F15 op margin target of 8%+ remain intact. Maintain Hold.” Leidos Holdings closed on Monday at $41.57.