SCIENCE APPLICATIONS INTERNATIONAL (=) : Waiting for the Turnaround to Take Hold - Initiate at Neutral

研报英文原文证据摘录

SCIENCE APPLICATIONS INTERNATIONAL (=) : Waiting for the Turnaround to Take Hold - Initiate at Neutral

EQUITIES

AEROSPACE & DEFENSE

NEUTRAL SCIENCE APPLICATIONS INTERNATIONAL PRICE* USD96.2  TARGET PRICE USD95 (DOWNSIDE 1%)

Waiting for the Turnaround to Take Hold – Initiate at Neutral

We see upside potential for government services contractor SAIC if growth were to re-accelerate,26 MAY 2026

Securities Research Report but we would need stronger evidence of this before turning constructive. Civil mix could become an

Production time: 11:18 (London time)

asset should the priorities of Congress shift in 2027. We initiate at Neutral with a $95 Price Target (-

Research Analysts & Publishing Entities

3% downside).

Matthew Akers, CFA

BNP Paribas Securities Corp1 Still waiting for growth gap to close+1 (201) 951-5967

matthew.akers@us.bnpparibas.com SAIC is in the early stages of a planned recovery, with Jim Reagan taking over as CEO in early 2026.

We see significant upside potential to valuation if SAIC’s growth can accelerate closer to its peers

Cashen Keeler

but think the needed fixes will likely takes years to flow through to results. We don’t think thisBNP Paribas Securities Corp1

+1 (201) 989-2413 reacceleration is impossible, but SAIC’s relative underperformance on growth over the years leaves

cashen.keeler@us.bnpparibas.com us cautious until we see further signs the business is improving.

Luke Leone, CFA

BNP Paribas Securities Corp1 Civil exposure a liability now – will it become an asset?

+1 (201) 772-1868 SAIC has among the highest exposures to civil (non-defense) work in our coverage, which has been

luke.leone@us.bnpparibas.com

a liability in a period where spending has focused more on defense. However, current polls point to

a shift in leadership in the U.S.