Parsons Corp. (PSN) PT Lowered to $76 at KeyBanc

KeyBanc analyst Sangita Jain lowered the price target on Parsons Corp. (NYSE: PSN) to $76.00 (from $81.00) while maintaining a Overweight rating.

The analyst commented: "The termination of the confidential contract and the disappointment of being edged out of the FAA BNATCS award made for a disappointing year for PSN. We think the market was over exuberant on the value for PSN for the FAA contract, leading to an over-reaction on the downside. We see it as a positive since PSN can now participate in the project on more equitable terms. While the growth rate in 2026 will suffer because of the two contracts, we think it gives PSN a chance to prove its capabilities in the FS segment via its alignment of resources to the administration's national defense priorities (cyber, space, and missile defense) as it pursues roles for homeland security and Golden Dome. We think margin expansion should continue as CI hits its stride with consistent DD margins. We are lowering our PT on a lower multiple as we see a challenged federal contracting environment continuing."

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