BofA lowered the firm’s price target on Parsons (PSN) to $110 from $130 and keeps a Buy rating on the shares. The firm lowered its target to account for uncertainty and execution challenges around the Afghan Special Immigrant Visa Program, but argues that Parsons’ underlying portfolio strength has been “overshadowed” by headline and timing concerns surrounding the slowdown in the confidential contract. The firm adds that it believes that management is taking advantage of the price to participate in accretive share buybacks.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PSN:
- Strategic Defense Alignment and Opportunistic Share Buybacks Support Buy Rating for Parsons
- Parsons boosts stock repurchase authorization to $250M
- Parsons’ Sealing Technologies awarded prototype agreement from DoD
- Parsons price target lowered to $90 from $130 at Benchmark
- Trump Trade: Cruise stocks under pressure after Commerce Secretary comments