Wells Fargo & Co Lowers Parsons (NYSE:PSN) to Market Perform

Parsons (NYSE:PSN) was downgraded by investment analysts at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, June 26th, MarketBeat.com reports. They presently have a $36.00 price objective on the stock. Wells Fargo & Co‘s price objective indicates a potential downside of 0.66% from the stock’s current price. The analysts noted that the move was a valuation call.

Other equities analysts have also recently issued research reports about the company. Cowen reissued a “buy” rating on shares of G1 Therapeutics in a report on Tuesday, June 18th. Bank of America reissued a “buy” rating and issued a $25.00 price objective on shares of Infineon Technologies in a report on Monday, June 3rd. Morgan Stanley cut Meili from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $14.00 to $4.20 in a report on Monday, June 3rd. SunTrust Banks initiated coverage on Corteva in a report on Monday, June 3rd. They issued a “hold” rating and a $29.00 price target for the company. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 3,000 ($39.20) price target on shares of in a report on Monday, June 3rd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $37.86.

PSN stock traded down $0.92 on Wednesday, hitting $36.24. 330,569 shares of the company’s stock were exchanged, compared to its average volume of 720,146. Parsons has a 12-month low of $29.03 and a 12-month high of $38.38. The stock’s 50 day simple moving average is $34.85.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Saturday, May 18th. The company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.44. The firm had revenue of $904.41 million for the quarter, compared to analysts’ expectations of $884.47 million. Sell-side analysts predict that Parsons will post 1.7 EPS for the current year.

In other Parsons news, CFO George L. Ball acquired 25,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were purchased at an average price of $29.40 per share, with a total value of $735,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Parsons Company Profile

Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.

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Analyst Recommendations for Parsons (NYSE:PSN)

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