Loop Capital analyst Joseph Vafi raised his price target on Perspecta to $22 after its "steady" Q4 results, saying that after a 1.6-times book-to-bill report in the prior quarter, Q4's 1.2-times came amid "light" conditions for recompetes. The analyst also notes that the company's initial FY20 guidance saw few surprises on the top line, even though margins were forecasted closer to the lower end of its long-term range. Vafi believes that Perspecta can generate further operational efficiencies in 2019 but also warns about the renewal risk given the company's "large NGEN-R adjudication" expected later this year, keeping his Hold rating on the shares.