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Fly News Breaks for February 6, 2020
Feb 6, 2020 | 06:28 EDT
The Department of Defense last night awarded the $7.7B Navy NGEN contract to Leidos (LDOS) over the incumbent Perspecta (PRSP), Stifel analyst Joseph DeNardi tells investors in a research note. This is a "huge win" for Leidos and serves as an exclamation point on a twelve month period during which the company "has been lethal with its takeaway win rate," contends the analyst. He believes the NGEN win validates Leidos' strategy to use scale as a competitive advantage. Further, Leidos' dominance over the last twelve months has to make acquisitions and scale more attractive and, perhaps, necessary, DeNardi contends. The analyst thinks Perspecta "will be a sought-after asset in any M&A scenario" but admits he has have no knowledge of any M&A negotiations or discussions. DeNardi has a Hold rating on Leidos and Buy rating on Perspecta.
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