Parsons price target raised to $100 from $84 at Truist

Truist analyst Tobey Sommer raised the firm’s price target on Parsons to $100 from $84 and keeps a Buy rating on the shares as part of a broader research note previewing Q1 results in Government Services. The firm is positive on the group’s Bookings as being supportive of Street organic growth expectations, along with the “relatively conservative” FY24 guidance across the space and the passage of a FY24 budget that is underpinning a strong start to the year for defense outlays, the analyst tells investors in a research note. Truist adds that Parsons is best positioned at the intersection of key spending priorities, though the stock’s valuation recognizes and expects continued rapid growth.