LDOS secures four awards under a $10 billion IDIQ contract to upgrade global IT infrastructure for U.S. diplomats.
Leidos Holdings Inc. (NYSE:LDOS) announced it will receive four awards under the U.S. Department of State’s Evolve contract, aimed at modernizing IT systems for American diplomats worldwide. The initiative focuses on upgrading infrastructure, enhancing cybersecurity, and improving service reliability across embassies and consulates.
The contract, structured as a multiple-award indefinite-delivery/indefinite-quantity (IDIQ) agreement, has a $10 billion cap and includes a 12-month base term with six option years. Leidos will provide services across four categories, including cloud and data center solutions, application development, and network support.
Jefferies analyst Sheila Kahyaoglu recently lowered LDOS’s price target from $185 to $140 and downgraded the stock from Buy to Hold, citing misjudged growth expectations in defense technology exposure.