Parsons price target raised to $122 from $116 at KeyBanc

KeyBanc raised the firm’s price target on Parsons (PSN) to $122 from $116 and keeps an Overweight rating on the shares. The firm notes Parsons reported better than expected Q3 adjusted EBITDA and raised 2024 guidance more than the beat. Parsons continues to win large transportation design contracts coming in at higher margins that KeyBanc thinks should result in strong CI organic growth going forward.