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August 19, 2013
13:04 EDTCSCCSC wins $400M FDIC contract for second time, analyst says
CSC (CSC) has reportedly won a four year contract worth over $400M from the FDIC, less than a year after the company lost the contract on appeal. WHAT'S NEW: Privately held SRA International - which was competing with CSC to keep the contract - reported in a regulatory filing late Friday that its recompete for the FDIC deal was unsuccessful. CSC originally disclosed the contract win in 2012, but lost the business after SRA successfully appealed the decision last December. ANALYST REACTION: In a note to investors, Wells Fargo analyst Ed Caso wrote that CSC had again won the $400M deal. However, proceeds from the contract are equal to only about 1% of the company's annual revenue, and SRA can again appeal the decision, noted the analyst. On a positive note, the win indicates that CSC can obtain deals with the federal government, Caso believes. Moreover, the company can use its relationship with the government to obtain deals with other parties, added the analyst, who kept a Market Perform rating on shares of CSC.
News For CSC From The Last 14 Days
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October 29, 2014
12:58 EDTCSCCSC legal risks increased with new lawsuit, says Wells Fargo
Wells Fargo sees increased legal risks for CSC after the United States Attorney for the Southern District of New York sued the company and the City of New York for Medicaid fraud. Given the legal uncertainty, Wells expects CSC to continue to maintain a "relatively sizable" cash position on the balance sheet for the "foreseeable future." It keeps a Market Perform rating on the stock.
12:56 EDTCSCCSC, City of New York charged with fraud by U.S. Attorney Bharara
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