UPDATE: Wells Fargo Starts Booz Allen Hamilton (BAH) at Overweight

Wells Fargo analyst Matthew Akers initiates coverage on Booz Allen Hamilton (NYSE: BAH) with a Overweight rating and a price target of $96.00.

The analyst comments "We are initiating coverage of BAH with an Overweight rating. We see BAH continuing to outgrow peers organically, driven by outsized exposure to key technology areas such as Cyber, Cloud, and AI. BAH's low debt level implies upside potential to capital deployment, while its more reasonable valuation could trigger more repurchases. While still not cheap, BAH's relative valuation is back down to the midpoint of its range over the past few years, from a large premium in 2020. Our $96 price target for BAH is based on a 21x multiple on our FY23 EPS estimate of $4.58. Our FY21-22 EPS estimates, at $3.89/4.18, are ahead of consensus."

For an analyst ratings summary and ratings history on Booz Allen Hamilton click here. For more ratings news on Booz Allen Hamilton click here.

Shares of Booz Allen Hamilton closed at $81.70 yesterday.

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