Raymond James downgraded Parsons (PSN) to Market Perform from Outperform without a price target While 2023 and the first 11 months of 2024 were the best periods for the government service sector in more than 20 years, a new administration, a “provocative group” of political appointee nominations, and President-elect Trump’s Department of Government Efficiency’s “have significantly dented investor psyche,” the trading multiples, and halted stock momentum over the last 45 days, the analyst tells investors in a research note. The firm believes the “dislocation in equities has created opportunities” across its government IT coverage. It made four rating changes heading into 2025. Parsons has the highest sector multiple and trades at a “significant premium” to peers and its historical averages, contends Raymond James.
Don't Miss Our New Year's Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PSN:
- Parsons, LINC Austin selected for $7B Austin Light Rail project
- Parsons awarded $20M USACE contract
- Parsons conducts threat environment demonstration
- 3 Best Stocks to Buy Now, 12/12/2024, According to Top Analysts
- Parsons upgraded to Buy from Neutral at Goldman Sachs
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
