UPDATE: Bank of America Upgrades Booz Allen Hamilton Holding Corporation to Buy, Reiterates $22 PT on Defensive Cyber Play

In a report published Thursday, Bank of America analyst Ronald J. Epstein upgraded the rating on

from Neutral to Buy, and reiterated the $22.00 price target. In the report, Bank of America noted, “We upgrade Booz Allen Hamilton to Buy from Neutral, but leave our $22 PO unchanged. In our view, BAH is positioned to benefit from growth in cyber security spending as the US government prioritizes cyber threats. We expect the company's cost containment measures to preserve margins in the near-term and provide better leverage in the out years. Additionally, recent pullback provides an attractive entry point and we target nearly 25% returns (including special dividends) over the next 12 months.” Booz Allen Hamilton Holding Corporation closed on Wednesday at $18.48.