KeyBanc raised the firm’s price target on Parsons (PSN) to $80 from $76 and keeps an Overweight rating on the shares. The firm visited KSA and UAE with Parsons’ CEO Carey Smith and President-Infra EMEA Pierre Santoni. KeyBanc visited sites in Riyadh and Dubai and met with leadership teams in both. Putting both cities into context tells the firm “we are in very early innings of development in KSA given the Kingdom’s drive to enhance tourism and its presence on the world entertainment/sporting event stage.” Dubai, despite being decades into the development cycle, is still driving tremendous growth in infrastructure as population grows, KeyBanc points out. Parsons is strongly positioned in the area to benefit.
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