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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
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  "pageNumber": 75,
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      "text": "We believe Leidos’ shares represent an incredibly poor risk / reward.",
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      "text": "Price Target: $116.67",
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      "text": "We believe Leidos' shares represent an incredibly poor risk / reward. The current sell-side consensus price is $116.67 which is ~8% above the current price. Yet, there is no evidence that the sell-side understands the magnitude and gravity of the problems faced by the Security Detection & Automation business. With irrefutable evidence that some of its mission critical explosive and threat detection equipment is defective, national security and citizen safety could be compromised. We believe the business is already impaired from overpayment and market share loss, and presents tail-risk liability not factored into the current share price.",
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      "text": "Source: Bloomberg\n1) Upside based on $107.85 share price",
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      "text": "Poor Risk / Reward",
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