Truist lowered the firm’s price target on Booz Allen (BAH) to $142 from $155 and keeps a Hold rating on the shares after the company reported upside Q3 results and raised FY25 guidance. Management highlighted a slowing procurement environment, which is historically most pronounced in Fed Civ agencies during presidential transitions, the analyst tells investors in a research note. The firm believes Booz Allen’s multiple appropriately reflects the company’s strong position in AI/cyber offset by the second highest Fed Civ exposure among peers, and thus remains on the sidelines and cuts its price target to reflect lower multiples in the group.
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