CACI INTERNATIONAL (=) : Looking for a Better Entry Point - Initiate Neutral

研报英文原文证据摘录

CACI INTERNATIONAL (=) : Looking for a Better Entry Point - Initiate Neutral

EQUITIES

AEROSPACE & DEFENSE

CACI INTERNATIONAL NEUTRALPRICE* USD490.1  TARGET PRICE USD550 (UPSIDE 12%)

Looking for a Better Entry Point – Initiate Neutral

We look for a better entry point, with CACI’s cap deployment likely limited for now, political support26 MAY 2026

Securities Research Report likely shifting to Civil, and relative valuation near an all-time high. We initiate at Neutral with $550 PT.

Production time: 11:16* (London time)

Research Analysts & Publishing Entities Business transformation has further to run

Matthew Akers, CFA CACI spent the past several years shifting away from commoditized, enterprise-IT style work, and

BNP Paribas Securities Corp1 toward more differentiated product offerings. This includes a number of M&A deals that have

+1 (201) 951-5967

matthew.akers@us.bnpparibas.com expanded its exposure to areas like tactical communications, space optical communication terminals,

signals intelligence, and now further into space with its ARKA acquisition. This shift has driven better

Cashen Keeler

growth and margins over time, and we expect this to continue.BNP Paribas Securities Corp1

+1 (201) 989-2413

cashen.keeler@us.bnpparibas.com Becoming more of a defense tech company?

CACI has established itself as more of a defense “tech” company, but defense manufacturing hasLuke Leone, CFA

BNP Paribas Securities Corp1 fallen out of favor with investors as peak budget fears resurface. CACI generates about two-thirds of

+1 (201) 772-1868 sales from defense/intelligence customers, with much of the remainder going to DHS. These

luke.leone@us.bnpparibas.com

agencies are a priority for the current Congress, but potentially less so in 2027-28. We don’t see risk