UPDATE: Goldman Sachs Downgrades Parsons Corp. (PSN) to Neutral
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Goldman Sachs analyst Gavin Parsons downgraded Parsons Corp. (NYSE: PSN) from Buy to Neutral with a price target of $43.00.
The analyst comments "We downgrade PSN to Neutral from Buy, as 1) PSN is likely to under-grow peers near-term and current bookings/backlog do not yet support growth despite attractive exposures; 2) the pace of organic margin expansion is slower than we previously expected; and 3) the stock has re-rated despite disappointing 2021 guidance and is now near our price target, potentially reflecting optimism around exposure to a potential infrastructure bill."
Shares of Parsons Corp. closed at $40.44 yesterday.
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