Jefferies Raises Price Target on CACI International (CACI), Continues to Show Strong Signs of Growth

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CACI Hot Sheet

Rating Summary:
3 Buy, 6 Hold, 1 Sell

Rating Trend: Down

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Today's Overall Ratings:
Up: 20 | Down: 11 | New: 38

Jefferies is reiterating its Buy rating on shares of CACI International (NYSE: CACI) despite the recent run up as the firm believes shares are still attractive on a cash EPS basis.

The company released its Q3 results with revenue growth over 14% organically to $913 million, which topped the firm's and Streets estimate of $894 million. The upside was largely driven by C4ISR and core business system solutions. CACI released its EPS for the quarter at $1.16, $0.13 ahead of the consensus, due to solid growth in direct labor market.

Given the company's outperformance in Q3, solid backlog, and healthy organic growth trend, it is raising its FY11 EPS guidance to $4.15-$4.30 from $4.05-$4.20. This implies that CACI is anticipating Q4 EPS of $0.99-$1.14, which the firm believes may prove to be conservative. CACI is not changing its revenue guidance of $3.5-$3.63 billion.

Jefferies is raising its FY11 and FY12 EPS estimates from $4.18 ad $4.32 to $4.29 and $4.49. To go inline with its new estimates, the firm is raising its price target from $67 to $70.

For more ratings news on CACI International click here and for the rating history of CACI International click here.

Shares of CACI International closed at $59.57 yesterday, with a 52 week range of $40.00-$62.75.

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