KeyBanc raised the firm’s price target on Parsons (PSN) to $93 from $87 and keeps an Overweight rating on the shares as the firm factors in a higher target multiple as the dust clears on the confidential contract, potential for continued margin expansion, and the company’s potential role as an integrator in the upcoming FAA ATC contract. The CI segment continues its growth path with strong exposure to the Middle East and a growing domestic base, KeyBanc notes. As the legacy projects in CI finish, and CI becomes a larger piece of the business, the firm expects to see a continued upward trend in margins from the core business.
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