As previously reported, Truist analyst Tobey Sommer upgraded Parsons to Buy from Hold with a price target of $60, up from $50. Despite “solid fundamental results,” Parsons shares have underperformed the peer group year-to-date, having risen 2% versus gains for peers of 11% on average, which “provides attractive entry point,” the analyst tells investors. The firm believes Parsons’ organic growth is poised to outpace peers, driven by significant acceleration in Critical Infrastructure growth, the analyst added.
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