UPDATE: Citigroup Upgrades PAREXEL International to Buy on Operational Improvement, Valuation
Citigroup raised its rating on PAREXEL International (NASDAQ: PRXL) from Neutral to Buy and increased its price target from $34 to $36.
Citigroup commented, "We are upgrading PRXL to Buy with a $36 price target (+$2) based on: a misunderstood press release issued December 27th to announce a modest acquisition that is favorable, improving core operational metrics & related read-through to its major big pharma partnership implementation, and recent pullback in valuation. We also note $100mn worth of remaining share repurchase authorization as the initial $100mn buyback concludes that may create a near term catalyst. Net, we believe the mix of positive data points together with a more palatable valuation creates a favorable risk/reward profile for investors."
PAREXEL International closed at $29.21 on Monday.
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