Parsons Corp (PSN) stock plummeted 5.12% on Thursday's trading session, underperforming the broader market. The defense and engineering company's shares closed at $47.92, down from the previous day's close.

The sharp decline in Parsons' stock price could be attributed to analysts lowering their price targets on the company. According to a report by Truist Securities, they have adjusted their price target on Parsons from $110 to $85, while maintaining a "Buy" rating on the stock.

Although the research firm still sees potential upside in Parsons, the significant lowering of the price target suggests analysts have become more cautious about the company's growth prospects and valuation. The adjustment in price targets could have triggered a sell-off from investors, leading to the stock's plummet.