Parsons price target lowered to $70 from $78 at Barclays

Barclays lowered the firm’s price target on Parsons (PSN) to $70 from $78 and keeps an Overweight rating on the shares. The firm adjusted targets in the machinery and construction as part of a Q1 preview. Rentals, small-cap cyclicals, and agriculture face rising input costs, competitive pressures and “fading recovery narratives,” the analyst tells investors in a research note. Barclays sese higher inputs as a “bigger negative risk” for the agriculture markets but sees the prospect of government-related aid now higher in an election year in several end markets.