NatSecSvs Tracker: 2Q26 Preview

研报英文原文证据摘录

NatSecSvs Tracker: 2Q26 Preview

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Defense Services

Price Objective Change

NatSec services multiples facing the double whammy 20 July 2026

The basket of defense services continues to underperform the market in 2Q26, with only Equity

SAIC (not covered) outperforming the S&P 500. Leidos, Booz Allen and Amentum United States

continue to lead the laggards as their growth acceleration keeps getting delayed. Beyond Defense Electronics

these names, the multiples across the segment continue to be pressured as they face Mariana Perez Mora

the double whammy of: 1) fears of AI agents disrupting IT services and 2) concerns over Research Analyst

the political risk to defense spending with the mid-term elections approaching. We are BofAS+1 646 855 5696

cutting the POs of AMTM, BAH, KBR and OSIS to reflect the market sentiment. mariana.perezmora@bofa.com

Ronald J. Epstein

Civilian obligations up as DHS partial shutdown ends ResearchBofAS Analyst

DHS was in a partial shutdown through the end of April, when the House passed a bill +1 646 855 5695

r.epstein@bofa.com

funding most of the agency operations (excluding ICE and Border Security Operations -

Alexander Preston

BSO). On June 10, the reconciliation 2.0 bill “Secure America Act” funded these two Research Analyst

operations through FY29. The roughly $70bn bill includes $26bn for CBP/BSO and BofAS

+1 646 855 3599

$38.5bn for ICE bill includes $9.5bn for CBP recruitment. In our coverage universe, alexander.preston@bofa.com

Amentum, Leidos, Palantir, CACI and OSIS should see improving bookings from DHS.

Beyond DHS, civilian activity remains company specific Exhibit 1: Lowering Price Objectives

Beyond DHS, federal civilian award environment is starting to see the first signs of To reflect endmarket derating

recovery.