CACI International (CACI) Cited As Best Idea Despite Selloff, Stifel PT Raised to $310
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Stifel analyst Joseph Denardi raised the price target on CACI International (NYSE: CACI) to $310.00 (from $300.00) citing the company as his Best Idea, after shares traded down after good results and bookings but no uptick in guidance and not fully extinguishing fears that it could more aggressively pursue Perspecta or another deal requiring the use of equity.
The analyst reiterated the Buy rating, stating "Our understanding of the process and CACI's view leads us to believe that CACI is no longer interested in Perspecta or in transactions that would require it to use equity. Our view previous to today was that shares would have reacted favorably (~+10%) if CACI had publicly stated that it was no longer pursuing Perspecta. While CACI reiterating guidance was a modest negative, bookings were a positive, so we viewed the print as ~neutral. Therefore, we attribute the share price reaction to remaining uncertainty around CACI's M&A plans. While the messaging could be clearer, we view the misunderstanding as a buying opportunity and make CACI our best idea as a result".
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