Baird lowered the firm’s price target on Leidos (LDOS) to $190 from $218 and keeps an Outperform rating on the shares. The firm expects “mixed results” across defense stocks in 2025, but remains bullish on defense technology players focusing on low-cost, next-generation solutions, while it expects Department of Government Efficiency headline risk to continue pressuring defense primes and IT services names. Kratos Defense (KTOS) is Baird’s top pick entering 2025.
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