Benchmark raised the firm’s price target on Parsons to $68 from $53 and keeps a Buy rating on the shares given Parsons’ new FY23 guidance and implied backlog fueled growth after the company “significantly beat” Q3 expectations and raised FY23 adjusted EBITDA guidance to $440M-$460M. Backlog was up 7% year-over-year to $8.8B, but this does not include about $14B of awarded Parsons contract wins, the analyst noted.
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- Parsons raises FY23 revenue view to $5.175B-$5.325B from $4.85B-$5.05B
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- Parsons wins position on $200M U.S. Army Corps of Engineers dontract
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