Parsons Corporation (NYSE:PSN) suffered a 21.29% drop last week after losing a $12.5 billion air traffic control contract to Peraton. The Federal Aviation Administration awarded the contract to Peraton, citing its capabilities in technology integration and collaboration with government agencies. Raymond James downgraded PSN to market perform from strong buy post-FAA decision.

Parsons Corporation (NYSE:PSN) expressed disappointment over losing the air traffic control contract, emphasizing its commitment to national airspace safety. Despite the setback, Parsons remains optimistic about its global growth prospects and mission delivery. Investment firm Raymond James downgraded PSN, citing better investment opportunities in AI stocks with higher potential returns and lower risk.

Read more at Yahoo Finance: Parsons Corp. (PSN) Hit 20% After Losing in $12-Billion Air Traffic Control Bid