V2X initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of V2X (VVX) with a Sell rating and $54 price target which implies 9% downside. The firm sees macro risk to V2X’s sales from pressure on government spending. The company’s bookings have been weak in recent periods, and may remain that way in 2025, and bookings are a leading indicator of organic revenue growth, the analyst tells investors in a research note. Goldman says V2X has low margins, and high balance sheet leverage relative to peers.