UPDATE: Citigroup Raises PT to $34 on Parexel International Following Buyback Announcement

Citigroup reiterated its Neutral rating on Parexel International PRXL and raised its price target from $27 to $34. Citigroup commented, "Overall we like the firm's prospects and view the buybacks favorably as they demonstrate management's confidence in its performance and commitment to return capital to shareholders. But given the notable run in PRXL shares in the last 30 days at +14% vs. ~3% peer ave. vs. 3-4% U.S. indices, our revised target price of $34 yields a rather modest ~9% return. We would look for a better entry point or additional data points to suggest a recovery in margins before getting more positive on the shares." Parexel International closed at $31.09 on Monday.