KeyBanc analyst Sangita Jain raised the firm’s price target on Parsons to $116 from $99 and keeps an Overweight rating on the shares. The firm believes the company remains well aligned to infrastructure spending trends in North America, has a leading presence in the Middle East, and is exposed to the high priority areas of the defense budget. KeyBanc expects Parsons to continue reporting robust revenue growth given its competitive position, end market exposure, and strong bid pipeline. Margins expansion should continue as the business is further de-risked this year, with core margins already running ahead of plan. The firm also expects Parsons to continue bolstering its competitive positioning through M&A that has historically produced revenue synergies and value accretion.
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