V2X downgraded at Baird on valuation after major rally (VVX:NYSE)

Baird has downgraded V2X (VVX) shares to Neutral from Outperform, citing valuation concerns after a significant 58% year-to-date rally. While V2X reported a strong Q2 with supportive demand and a healthy book-to-bill ratio, analysts believe most of the positive news is already priced in. The firm anticipates a moderation in revenue growth during the second half of the year due to reduced Kuwait operations and national security work, despite an increased full-year outlook.