Defense contractor V2X surges after BofA turns bullish

** Shares of V2X Inc VVX.N up 7.2% early Weds to $58.49, a nine-month high, after BofA Global Research upgrades defense contractor to 'buy' from 'neutral'

** Brokerage boosts PT by $10 to $65, implying 19% upside to stock's last close

** "V2X’s strategy to provide full-lifecycle support to increasingly complex military operations has a strong competitive advantage, particularly considering that incumbents have overlooked these end markets because of their lower growth and lower margins," BofA wrote in note

** In addition to the scale and scope strategy at logistics and maintenance work, BofA said V2X also winning awards to "move up the food chain" and participate in higher-growth, higher-margin projects

** This combination will result in "accelerating and sustainable growth" in the years ahead, BofA said

** Of 11 analysts covering V2X, recommendation breakdown is 8 "strong buy" or "buy", 1 "hold" and 2 "sell" ratings; median PT of $63 up from $56 a month ago, per LSEG data

** With move on the session, VVX shares up ~22% YTD vs 30% gain in NYSE Arca Defense index .DFII

** Mclean, Virginia-based V2X has roughly $1.9 bln market cap