BAML: Buy the dip in Booz Allen

• Taking note of FQ4's disappointing results and cutting estimates downward to reflect the ending of the SURVIAC contract, BAML nevertheless reiterates its Buy rating on Booz Allen Hamilton (BAH +2%). The price target is lowered to $30 from $35.
• "Considering BAH's variable cost structure and its niche position to benefit from increased spending in cyber security by both the U.S. government and the commercial sector, we expect BAH to trade at a premium to defense peers," says the team.
• Previously: Booz Allen -10.3% after earnings miss (May 21)