Noble Financial downgraded CACI International Inc CACI from Buy to Hold.
Analyst Mark Jordan noted, “While fundamentals are moving in a positive direction, we are lowering our rating...due to the stock's recent price increase to within 3 percent of our prior price target of $88.50 per share.”
The firm’s “prior target represented 16.7X fiscal 2015 projected GAAP earnings and 12X estimated cash earnings of $7.38 per share.”
Jordan commented that “since joining CACI in January 2013, the company's president has refocused the company's marketing efforts to look for larger opportunities where the company's capabilities give a higher potential success; the goal is to bid less and win more.”
The analyst note added that “significant growth in security clearance work for the Office of Personnel Management (OPM) could exceed a $200 million run rate by the June 2015 fourth fiscal quarter; legacy OPM work is estimated to have been at the $40 million level.”
“Strong first fiscal quarter orders of $2.4 billion, of which 40 percent was new business, should help lead to stronger sequential revenue growth in the second half of fiscal 2015; bookings in the first quarter were up 32.8 percent versus the prior year,” according to Jordan.
CACI International recently traded at $84.24, down 1.45 percent.
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