BofA lowered the firm’s price target on Parsons (PSN) to $110 from $130 and keeps a Buy rating on the shares. The firm lowered its target to account for uncertainty and execution challenges around the Afghan Special Immigrant Visa Program, but argues that Parsons’ underlying portfolio strength has been “overshadowed” by headline and timing concerns surrounding the slowdown in the confidential contract. The firm adds that it believes that management is taking advantage of the price to participate in accretive share buybacks.
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