Jefferies Raises PT on Computer Sciences to $56 (CSC)

Jefferies is out with its report today on Computer Sciences CSC, raising its price target from $53 to $56. In a note to clients, Jefferies writes, "While guidance was reduced, most of this is pushed, not lost business. With an improving balance sheet and secular demand backdrop, especially in the commercial sector, we feel CSC makes an attractive takeout target from a private equity perspective. Strong cash flows support a five year IRR of approximately 18%." Jefferies maintains Buy on CSC. At the time of posting, shares of CSC were trading at $47.86, down 1.18% from Wednesday's close.