Aug. 22 at 12:39 AM
Baird analyst Andrew Wittmann upgraded Parsons Corp. from Neutral to Outperform and raised his price target to
$57 from
$48, citing low investor confidence and conservative expectations. He sees identifiable catalysts for a 2H26 acceleration, including seasonal Canadian mining projects,
$400 million in OTAs that generated no revenue in 1H26, and roughly
$40 million in JCHK production with long-lead components already ordered.
Wittmann noted that 1H organic growth was 3%, while 2H estimates imply about 1%, leaving room for upside if projects ramp as expected. Management also expects a disputed
$190 million command-and-control contract to be resolved and contribute modestly, although federal timing remains a key risk.
The analyst added that FAA opportunities could approach
$800 million, well above December concerns, with agency growth targeting 40%. Year-to-date BTB trends have also improved significantly.
$PSN