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Fly News Breaks for November 15, 2018
PRSP
Nov 15, 2018 | 06:10 EDT
Loop Capital analyst Joseph Vafi kept his Hold rating and $23 price target on Perspecta after its Q2 results, saying the company has performed well for the 2nd quarter as a stand-alone public company. The analyst notes that its 2.3-times book-to-bill was much-improved from last year, even though the quarter was helped by seasonal bookings strength. Vafi is also positive on "two material extensions on the large NGEN contract" that ensure revenue on this deal through mid 2020. The analyst keeps a Hold rating on the shares however, stating that while Perspecta's valuation at 9-times enterprise value to expected forward EBITDA marks a 2-turn discount to peers, its outlook is "somewhat muted", calling for more visibility in the momentum of the company's P&L.
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