In a report issued on November 4, Cai Rumohr from Cowen & Co. assigned a Buy rating to Parsons (PSN), with a price target of $40.00. The company’s shares closed last Wednesday at $34.72.
According to TipRanks.com, Rumohr is a 4-star analyst with an average return of 6.7% and a 59.8% success rate. Rumohr covers the Technology sector, focusing on stocks such as Smith & Wesson Brands, Raytheon Technologies, and Science Applications.
Parsons has an analyst consensus of Moderate Buy, with a price target consensus of $40.00, representing a 17.8% upside. In a report issued on November 5, Stifel Nicolaus also maintained a Buy rating on the stock with a $40.00 price target.
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Based on Parsons’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1 billion and net profit of $40.66 million. In comparison, last year the company earned revenue of $1.02 billion and had a net profit of $56.81 million.
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Parsons Corp. provides engineering, design, planning, and construction management services. It offers solutions for commercial, federal, transportation, and water resources. The company delivers engineering, construction, systems and resource integration, project and program management, and environmental services to customers. Its projects include airports, bridges, chemical demilitarization, dams, energy generation facilities, environmental remediation and restoration, homeland defense, hospitals, missile defense, pharmaceutical plants, ports, public works, rail systems, roads, schools and universities, water distribution, and wastewater treatment systems. The company was founded by Ralph Monroe Parsons on June 12, 1944 and is headquartered in Pasadena, CA.
