UPDATE: Jefferies Upgrades PAREXEL Int'l to Hold

Jefferies is out with its report today on PARAXEL Int'l (NASDAQ: PRXL), upgrading PRXL to Hold from Underperform.

In its report, Jefferies writes, "PRXL's very high bookings appear to yield enough revenue to offset increased operating costs with a little to spare (in the guidance). PRXL has fallen by 2x the market sell-off over the last ~3 weeks. We have remaining concerns regarding deal profitability, but the bet on the forward year EPS upside is now smaller and palatable."

Jefferies maintains a $19.50 PT on PRXL.

Shares of PRXL closed Tuesday at $17.19.