UPDATE: Goldman Sachs Raises Target to $19 on PAREXEL International

Goldman Sachs maintains its Sell rating on PAREXEL International (NASDAQ: PRXL) but raises its price target to $19 from $17 on solid execution from the company, which yields share outperformance.

Goldman Sachs says, "Shares of PRXL were up 18% yesterday (S&P flat) on an in-line quarter helped by non-core drivers (Perceptive GM and F/X), and guidance updates of a largely unchanged FY2012 (June) and a CY2012 that captures consensus. Heading into the quarter we underestimated investors' skepticism in the company's ability to reach its 9-10% operating margin target where a relatively in-line quarter drove an outsized move in shares."

PRXL closed at $24.10 a share yesterday.