Parsons upgraded to Outperform from Neutral at Baird

Baird analyst Andrew Wittmann upgraded Parsons (PSN) to Outperform from Neutral with a price target of $92, up from $78. The firm sees double-digit underlying organic growth across both of the company’s segments as well as near-term catalysts from the “Golden Dome” plans in the U.S. Neither of these are reflected in the stock at current levels, the analyst tells investors in a research note. Baird believes estimates for Parsons are now “completely re-based” following the formal exit from the large confidential contract.