JP Morgan Issues Underperform Rating For SAIC (SAI) With Stock Declining 7% YTD
JPMorgan has issued Underweight rating with a target price of $17 for SAIC, Inc. (NYSE: SAI).
The stock is trading at $18.04 and the rating was attributed to an expected size of defense budget in a more fiscally constrained environment, stricter contractor oversight and in-sourcing. JP Morgan adds that SAIC gets more aggressive on M&A with the organic growth coming under pressure. SAIC has been a significant underperformer with the stock declining 7% YTD versus 22% appreciation of S&P 500.
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