Parsons price target raised to $80 from $70 at Truist

Truist raised the firm’s price target on Parsons (PSN) to $80 from $70 and keeps a Buy rating on the shares following Q1 results. The firm favors Parsons’ position with only 56% related to U.S. Federal funding and little-to- zero exposure to consulting work. The company’s capabilities align with over 50% of the appropriations outlined in the FY25 DoD budget reconciliation, providing opportunities to sustain above peer growth, Truist told investors in a research note.