On Wednesday, Truist Securities adjusted its outlook on Parsons Corp . (NYSE:PSN), a technology-focused defense, intelligence, security, and infrastructure engineering firm. The price target for the company's stock was raised to $130.00 from the previous $108.00, while the Buy rating was reaffirmed.
The adjustment comes after Parsons reported its sixth consecutive quarter of over 20% organic growth. Additionally, the company has increased its guidance for 2024. The revised forecasts suggest a 22% growth in full-year organic revenue, with fourth-quarter results expected to align with current market predictions.
Truist's decision to raise the price target reflects an optimistic view of the company's future performance. The firm anticipates that Parsons will sustain its growth momentum into 2025, bolstered by both organic and inorganic revenue streams. There is also an expectation for further margin expansion.
In the wake of these developments, Truist has revised its estimates upwards for Parsons Corp. The firm's analyst cited the strong organic growth and updated company guidance as key reasons for maintaining the Buy rating on the stock. The company's ability to continue its growth trajectory and the potential for additional revenue sources were highlighted as contributing factors to the positive outlook.
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