** Jefferies cuts PT on defense contractor Leidos LDOS.N to $215 from $230, rating maintained at "buy"

** New PT implies an upside of 24% from the stock's last close

** Brokerage flags soft 2026 outlook as the key overhang, pointing to continued weakness in health segment and the slip of several major awards into early next year

** Adds that co's sharply higher 2026 capex will temporarily push free cash flow down and limit buyback activity

** Eight of 16 brokerages rate the stock "buy" or higher, eight "hold"; their median PT is $215- data compiled by LSEG

** As of last close, shares down 3.8% YTD