SAIC wins $444 million Space Force contract

Science Applications International Corp (NASDAQ: SAIC) said this week it had received a $444 million contract to support Digital Transformation, Acquisition, Modernization and Modification for the US Space Force’s Space Systems Command and Space Launch Deltas 30 and 45.

The company will support an accelerated national launch cadence across the Eastern Range and Western Range, including Cape Canaveral Space Force Station and Patrick Space Force Base in Florida and Vandenberg Space Force Base in California.

“SAIC’s continued partnership with the Space Force is a symbol of our commitment to further space exploration, resilience and crew safety in space ranges in Florida, California and across the United States,” David Ray, Executive Vice President, Space and Intelligence Business Group at SAIC, said in a press release.

“As space efforts advance, we understand the growing significance of efficient spaceports and look forward to further supporting the modernization work alongside our industry-leading partners.”

Stock Performance

The shares of Science Applications International Corp (SAIC) closed 0.59% ($0.84) lower at $140.73 on Nasdaq on Monday, as they reversed a small gain from the previous market session.

The company’s total market cap now stands at $7.327 billion.

The shares of Science Applications International Corp (SAIC) went up 12.07% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have risen 13.20% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, the 1 surveyed investment analyst offering 12-month price target for Science Applications International Corp’s stock had rated the latter as “Hold”. The median price target on the stock stands at $135.00, which translates into a 4.07% downside compared to the closing price on Monday.

The high point of the analyst forecast range stands at $135.00.