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NEW YORK - Parsons Corporation (NYSE:PSN), a $7.95 billion infrastructure technology company with robust financial health according to InvestingPro analysis, has received the Diamond Award from the American Council of Engineering Companies (ACEC) of New York for its work as prime design consultant on the Brooklyn Bridge Rehabilitation Project, according to a company statement released Thursday.
The award, the highest recognition given by ACEC New York in the Structural Systems category, acknowledges the $300 million project that restored and modernized the towers and approaches of the 142-year-old bridge while preserving its historic character. The project adds to Parsons’ impressive portfolio, which has helped drive 16.61% revenue growth to $6.77 billion in the last twelve months.
"The Brooklyn Bridge symbolizes New York’s rich history, and this project showcases our ability to blend preservation with modern engineering solutions," said Mark Fialkowski, president of Infrastructure North America for Parsons.
The rehabilitation project has also advanced to the national level of ACEC’s Engineering Excellence Awards, marking the first time in over 16 years that a project led by the New York City Department of Transportation has achieved this distinction.
Parsons collaborated with the New York City Department of Transportation, the Landmarks Preservation Commission, and conservation experts on the project, which focused on reinforcing the bridge’s structural integrity and enhancing safety while respecting its historical significance.
The company stated that construction was managed to minimize disruptions to traffic and pedestrian flow on the hybrid suspension and cable-stayed structure that has connected Manhattan and Brooklyn since 1883.
Parsons has been involved in infrastructure projects in the New York and New Jersey region for more than 100 years, including the Goethals Bridge Replacement and the Verrazano-Narrows Bridge Upper-Level Deck Replacement. For investors seeking deeper insights into Parsons’ financial performance and growth potential, InvestingPro offers comprehensive analysis, including 7 additional key ProTips and detailed valuation metrics in their Pro Research Report, available exclusively to subscribers.
In other recent news, Parsons Corporation has been the focus of several significant developments. The company announced its acquisition of Chesapeake Technology International for $89 million, enhancing its capabilities in defense contracting, particularly in Special Operations forces and the INDOPACOM region. This acquisition aligns with Parsons’ strategy to expand in key growth areas. In recognition of its infrastructure efforts, Parsons received the Engineering Excellence Award for its role as lead designer in the I-270 North Design-Build Project, which improved a major stretch of highway in Missouri.
Additionally, Parsons has been appointed as the Project Management Consultant for the Dubai Metro Blue Line project, a key component of Dubai’s D33 Economic Agenda. On the financial front, Raymond James upgraded Parsons’ stock rating to Strong Buy, setting a price target of $90, citing de-risked estimates and growth opportunities in federal contracts and defense initiatives. Stifel reiterated its Buy rating with an $81 price target, highlighting the positive impact of the recent acquisition.
KeyBanc also raised its price target for Parsons to $82 while maintaining an Overweight rating, noting the company’s growth trajectory in its Critical Infrastructure segment. These developments underscore Parsons’ active role in both infrastructure and defense sectors, with analysts expressing optimism about its future growth prospects.
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