Middle East Growth Propels Parsons (PSN) Price Target Hike

By Don Francis, Editor
November 21, 2023 6:50 AM UTC
Middle East Growth Propels Parsons (PSN) Price Target Hike

Stifel Nicolaus's Bert Subin raised their price target on Parsons (NYSE: PSN) by 4.3% from $70 to $73 on 2023/11/17. The analyst maintained their Strong Buy rating on the stock.

During a visit to Parsons' Middle East headquarters, Subin had a meeting with leaders of the company's Critical Infrastructure segment, which prompted their price target hike. According to Subin, the Middle East has played a significant role in Parsons' FY 2023 results, and the growth in the region shows no signs of slowing down. Substantial investments align with ongoing expansion in the UAE, which Subin predicts will contribute to economic diversification and further strengthen the company's foothold in the region.

It's worth noting that the analyst also made changes to their price target for Schneider National Inc on the same day. Subin lowered their price target on Schneider National Inc by -21.2%, from $33 to $26, while maintaining their Strong Buy rating on the stock.

When it comes to Parsons Corporation, 100% of top-rated analysts currently rate PSN as a Strong Buy or Buy. No analysts see it as a Hold, and none recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that PSN's upcoming year will deliver earnings per share (EPS) of $1.93. If the analysts are correct, this would represent a 40.9% increase in PSN's yearly EPS on a year-over-year basis.

Looking at the performance of PSN's stock, it has shown positive growth since the company's last quarterly report on 2023/09/30. The stock price has increased by 14.9% during that period. Year-over-year, PSN's stock is up by 29.4%. These numbers indicate that PSN has outperformed the S&P 500, which has seen a 15.2% increase during the same period.

Bert Subin, the Stifel Nicolaus analyst mentioned earlier, is ranked by WallStreetZen in the top 26% out of 4,402 Wall Street analysts. Subin has an average return of 2.7% and a 51.5% win rate. Their specialization lies in the Industrials and Technology sectors.

Parsons Corporation provides technology-based solutions in the defense, intelligence, and critical infrastructure markets. With operations in North America, the Middle East, and internationally, the company operates in two segments: Federal Solutions and Critical Infrastructure. Parsons offers a range of services, including cybersecurity software and engineering services, hardware prototyping, geospatial intelligence, big data analytics, and threat mitigation technology services. They also provide mission planning, converged cyber-physical solutions for critical infrastructure, and technology services for advanced energy production systems, healthcare systems, environmental systems, and related infrastructure. Parsons Corporation, founded in 1944, is headquartered in Centreville, Virginia.

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