UPDATE: Jefferies Assumes Coverage on CACI Intl at Underperform

Jefferies is out with its report today on CACI Int'l CACI, assuming coverage on CACI at Underperform. In a note to clients, Jefferies writes, "Due to strong recent execution coupled with the pending takeout of competitor SRX SRX CACI has significantly outperformed the market over the past few months. We think current valuation (14x C12 EPS) looks too rich given government budget pressures and an uncertain path to margin expansion. We are the only Underperform rating on the stock." Jefferies has a $56 PT on CACI. Shares of CACI closed Monday at $63.76, up 0.03% from Friday's close.