SunTrust analyst Tobey Sommer raised his price target on Parsons to $40 and kept his Buy rating after its Q2 results released earlier this month, saying he now expects the company to deliver improving organic revenue growth and margin expansion driven by its "further mix shift towards the lucrative Federal Solutions segment". The analyst finds Parsons' exposure to the space domain especially "exciting" while pointing to its total backlog growth of 10% in the most recent quarter, with "qualified pipeline" also rising to a record high of $20B. Sommer further cites the latest 2-year Defense Department cybersecurity budget increase of 5% vs. 3% in the overall budget.