Parsons price target lowered to $85 from $110 at Truist

Truist lowered the firm’s price target on Parsons (PSN) to $85 from $110 and keeps a Buy rating on the shares following “downside” Q4 results. The firm thinks the stock’s reaction reflects risk to the mid-point of guidance if the halted program related to the confidential contract isn’t restarted and management noting Department of Government Efficiency paused two immaterial contracts. Truist favors Parsons’ position among DOGE and remains confident in the outlook for sustained growth above the industry. The firm cited lower multiples in the group for the lower price target