Parsons price target raised to $125 from $103 at Baird

Baird analyst Andrew Wittmann raised the firm’s price target on Parsons (PSN) to $125 from $103 and keeps an Outperform rating on the shares. The firm said its results strongly topped high expectations. Organic of 26% far exceeded the Street, underpinned by high-margin cyber and intelligence work. Book-to-bill of 1.0x is decent considering the high burn rate.