Parsons downgraded to Market Perform from Outperform at William Blair

William Blair downgraded Parsons (PSN) to Market Perform from Outperform without a price target Even though Parsons has been executing “exceptionally well,” the shares are downgraded to reflect elevated risk associated with the company’s classified humanitarian aid U.S. State Department contract that is up for renewal in the first quarter, the analyst tells investors in a research note. The firm says Parsons indicated on its earnings call that it has 2025 re-compete risk of 5% to 15%, which could imply that the contract represents approximately 10% of total revenue.