28 May 2025 | 4:51AM EDT Booz Allen Hamilton (BAH) Downgrade to Sell as growth and margins are in question for the medium-term | | | We downgrade BAH to Sell from Neutral as we see limited revenue and earnings growth over the medium-term, while valuation still has downside risk. We see medium-term revenue growth now closer to flat as federal civilian spending is under pressure, and priorities shift within DoD. We see risk to margins as contract structures change. BAH still trades at 17X P/E and 12X EBITDA o ...