Caci International's Q3 2024 Earnings Beat Estimates, Raises FY 2024 Guidance

TD Cowen's Cai Rumohr raised their price target on Caci International (NYSE: CACI) by 8.8% from $400 to $435 on 2024/05/06. The analyst maintained their Strong Buy rating on the stock.

Rumohr's decision to raise the price target comes after two weeks of analyzing Caci International's Q3 2024 earnings report, which was released on April 24th, 2024. The report showcased the company's outstanding quarterly results and awards, leading the analyst to predict continued revenue generation through FY 2025. This positive outlook suggests that the Street estimates for that year are likely to trend upward.

Caci International's Q3 2024 results were impressive, with an EPS of $5.74, surpassing the Zacks Consensus Estimate of $5.52. This figure also marked a 16.7% increase compared to Q3 2023's EPS of $4.92. Additionally, the company reported a revenue of $1.94B, which exceeded the Zacks Consensus Estimate of $1.86B. This represented an 11.1% increase compared to Q3 2023's revenue of $1.74B.

Management also updated its FY 2024 guidance, raising the EPS range from $19.91 to $20.58 to $20.13 to $20.58. Similarly, the revenue range was increased from $7.3B to $7.5B to $7.5B to $7.6B. President & CEO John Mengucci expressed his satisfaction with Caci's performance, highlighting the company's successful execution of its strategy and strong results across the board.

The positive sentiment surrounding Caci International is reflected in analyst ratings. Currently, 87.5% of top-rated analysts rate the stock as a Strong Buy or Buy. Only 12.5% of analysts see it as a Hold, and none recommend selling the stock.

The consensus forecast among analysts is that Caci International's upcoming year will deliver an earnings per share (EPS) of $19.78. If these predictions hold true, the company's next yearly EPS will be up by 13.4% on a year-over-year basis.

Investors have also seen positive returns from Caci International's stock. Since the release of the Q3 2024 earnings report on April 24th, 2024, the stock price has increased by 11.7%. On a year-over-year basis, the stock has surged by 39.4%, outperforming the S&P 500's 25.2% growth during the same period.

Cai Rumohr, the analyst behind the price target increase, is ranked in the top 12% of Wall Street analysts by WallStreetZen. With an average return of 15.5% and a 69.8% win rate, Rumohr specializes in the Industrials and Technology sectors.

Caci International Inc is a professional services and information technology company primarily serving branches of the U.S. federal government, including defense, homeland security, intelligence, and healthcare. The company's IT solutions and services support national security missions and government modernization/transformation for intelligence, defense, and federal civilian customers. Caci International also operates in the EU. Originally known as California Analysis Center, Inc., and later Consolidated Analysis Center, Incorporated, the company was founded in 1962 and is headquartered in Reston, VA.

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