B. Riley raised the firm’s price target on Telos to $5 from $4 and keeps a Buy rating on the shares following the company’s announcement that it has been awarded prime position on the United States Air Force’s $12.5B infrastructure modernization contract. The Air Force contract vehicle, coupled with four additional federal government contract vehicles secured since 2023 that, in the aggregate, represent a $24.5B addressable market, should provide opportunities to revitalize growth in Telos’ Secure Networks business that has declined from its peak revenue of $119M in fiscal 2021 to projected fiscal 2024 revenue of $33M, the analyst tells investors in a research note.
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