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Fly News Breaks for November 4, 2019
Nov 4, 2019 | 09:32 EDT
SunTrust analyst Tobey Sommer raised his price target on Booz Allen to $88 and kept his Buy rating after its Q2 earnings beat and raised FY20 guidance. The analyst cites the company's "strong operational performance" in the quarter, supported by its "impressive" 2.7-times book-to-bill ratio and a 7.2% growth in its total backlog. Sommer adds that Booz Allen is generating an "industry-leading organic growth" rate, which has accelerated further in Q2 to 12.7% from 9% in Q1 and which he expects to be sustainable thanks to the company's "strong" leverage towards cyber and AI.