Baird downgraded Parsons (PSN) to Neutral from Outperform with an unchanged price target of $60. The firm cites believes the company’s growth is slowing and risks to its growth are rising. Following the recent share rally, Parsons’ risk/reward is better balanced, the analyst tells investors in a research note. Baird says 18% of Parsons’ consolidated revenue is exposed to Middle East infrastructure, largely in Saudi Arabia. It believes these sales can drop 20% in the intermediate term.
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