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Fly News Breaks for March 3, 2020
Mar 3, 2020 | 06:41 EDT
Wells Fargo analyst Ed Caso upgraded Booz Allen (BAH) and Leidos (LDOS) to Overweight from Equal Weight and ManTech (MANT) to Equal Weight from Underweight, saying that historically, the shares have outperformed in most market downturns, especially during the "Great Recession" in 2008. In his view, exposure to COVID-19 for tie group is limited, with employees often able to do work remotely, and says the companies often run mission critical IT and operations for the federal government, so this should continue even if U.S. fears worsen. The companies all exceeded Q4 expectations, and offered 2020 organic growth outlook above estimates and more importantly continued the positive uptrend.