Piper Jaffray Reports on PAREXEL International

Piper Jaffray commented on PAREXEL International (NASDAQ: PRXL) in a report released today. In the report, Piper Jaffray was negative in its assessment of its company.

Piper Jaffray writes, "The company's FY12 guidance could disappoint given the expectations from the recently signed strategic deal with Pfizer. As shown in the last few quarters, we are cautious on the strategic bookings converting to revenues, and the guidance's reliance on the less predictable strategic bookings makes us nervous. Nevertheless, we are increasing our street low FY12 estimates a little higher, and increasing target from $18 to $20 due to the increase in CY12 EPS. We look for stability in strategic bookings revenue conversion rate to build our confidence. Maintain Underweight."

Piper Jaffray currently has an Underweight rating on PAREXEL International and a price target of $20. Shares of PRXL closed at $24.72 on Thursday.