RBC Capital reiterated an Outperform rating on Booz Allen Hamilton (NYSE: BAH), and raised the price target to $32.00 (from $30.00), following 1Q16 results. BAH reported adjusted EPS of $0.44, which was in line with consensus estimates. Analyst Steven Cahall continues to see BAH as the highest quality Fed IT stock, and its sales growth and margin profile remain solid.

Cahall commented, "BAH reported F1Q16 GAAP/Adj. EPS of $0.43/$0.44, which was smack in line with our and consensus estimates. Results were on-target all the way down with sales, gross profit, EBIT, EBITDA and EPS coming in essentially just as expected. BAH has reiterated its FY16 guidance for sales growth y/ y of +/-2%, GAAP EPS of $1.55-$1.65 and Adjusted EPS of $1.60-$1.70."

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Shares of Booz Allen Hamilton closed at $27.99 yesterday.