Parsons upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded Parsons (PSN) to Buy from Hold with a price target of $75, down from $90. The shares are down 23% since the Federal Aviation Administration contract was awarded on December 4, which creates an attractive entry point, the analyst tells investors in a research note. TD views the selloff as “excessive” given the below10% EBITDA cut to Parsons from losing the contract. It upgrades the shares citing an attractive risk/reward.