Truist Financial Issues Pessimistic Forecast for Parsons (NYSE:PSN) Stock Price

Key Points

• Truist Financial cut its price target on Parsons from $85 to $75 but maintained a "buy" rating, with the new target implying roughly a 34.76% upside from the current share price.
• Parsons recently missed quarterly expectations—EPS $0.75 vs. $0.81 and revenue $1.60B, down 7.5% year‑over‑year—prompting multiple firms to trim targets and leaving a consensus rating of "Moderate Buy" with an average target of $78.58.

Parsons (NYSE:PSN - Get Free Report) had its price target dropped by analysts at Truist Financial from $85.00 to $75.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's target price suggests a potential upside of 34.76% from the company's current price.

Other research analysts have also issued research reports about the company. Jefferies Financial Group reiterated a "hold" rating on shares of Parsons in a research report on Thursday, January 15th. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Citigroup dropped their target price on shares of Parsons from $88.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, April 2nd. KeyCorp downgraded shares of Parsons from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 14th. Finally, Bank of America decreased their price target on shares of Parsons from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, December 30th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and a consensus target price of $78.58.

Parsons Price Performance

NYSE:PSN opened at $55.65 on Monday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.45. Parsons has a 52 week low of $49.38 and a 52 week high of $89.50. The stock's 50-day moving average price is $59.08 and its 200-day moving average price is $69.70. The stock has a market capitalization of $5.89 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 1.74 and a beta of 0.73.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing analysts' consensus estimates of $0.81 by ($0.06). Parsons had a return on equity of 11.81% and a net margin of 3.79%.The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company posted $0.78 EPS. The business's revenue for the quarter was down 7.5% compared to the same quarter last year. As a group, equities analysts expect that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

A number of hedge funds have recently modified their holdings of the business. Savvy Advisors Inc. acquired a new position in shares of Parsons during the 3rd quarter worth approximately $1,683,000. WINTON GROUP Ltd acquired a new stake in shares of Parsons in the third quarter valued at approximately $2,042,000. Retirement Systems of Alabama lifted its position in Parsons by 63.3% during the third quarter. Retirement Systems of Alabama now owns 93,860 shares of the company's stock worth $7,783,000 after buying an additional 36,384 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in Parsons by 212.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 125,000 shares of the company's stock worth $10,365,000 after buying an additional 85,000 shares during the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in Parsons during the third quarter worth $1,369,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Company Profile

Parsons Corporation NYSE: PSN is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.

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