奎奈蒂克集团（QQ）：令人安心的前景

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.Please see analyst certifications and important disclosures beginning on page 10.Qinetiq Group PLCReassuring outlookWe think that the five-year extension to the LTPA contract willencourage and while management now guides to the low endof the FY26 guidance range disclosed in March, this underpinsour and consensus forecasts. OW rating and 480p PT remainunchanged.Where we stand: Following the trading update 9 weeks ago (Where Next? 03/18/2025), therewas not much to im