UPDATE: Jefferies & Company Downgrades PAREXEL International to Hold, Lowers PT

In a report published Friday, Jefferies & Company downgraded its rating on PAREXEL International Corporation

from Buy to Hold, and slightly lowered its price target from $31.50 to $31.00. Jefferies noted, “PAREXEL's 20% move since its F4Q earnings (vs SPX up 4%) has it now trading at >20x CY13 earnings. We think that valuation reflects the long-awaited enthusiasm for PRXL's strategic wins and backlog growth, plus an expectation for outsized margin improvement. In other words, the stock is priced near perfection. Recent channel checks suggest progress, but not perfection.” PAREXEL International Corporation closed on Thursday at $32.38.