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Parsons Corp(PSN-N)
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Parsons Gains on Double-Upgrade

Baystreet - Mon Aug 14, 2023
Parsons Corporation (NYSE:PSN) climbed Monday following a rare double-upgrade in rating to buy from underperform by Bank of America. The firm said Parsons has better growth than expected.

The company was in the news last week when it announced it been selected by United States Cyber Command (CYBERCOM) to continue support previously provided under the command, control, communications, computers, and capabilities development (C4CD) and C4CD Bridge contracts. The $109 million classified contract includes a one-year base period plus four one-year option periods.

“Our unmatched technical talent and disruptive, warfighter-focused capabilities enhance mission effectiveness for CYBERCOM as they continue defending and advancing national security interests,” said Mike Kushin, president of Parsons’ Defense and Intelligence sector. “We are proud to continue our ongoing CYBERCOM support, with a focus on the J9 Acquisition and Technology Directorate mission set.”

Parsons operates in every aspect of the all-domain battlespace and addresses emerging threats by fusing technologies across the now-connected warfighting domains (land, air, sea, space, cyberspace) and incorporates information operations, intelligence, data analytics, electronic warfare, multi-echelon command and control, and kinetic operations into a unified approach.

Parsons is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection.

PSN shares gathered 87 cents, or 1.6%, to $55.59.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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