UPDATE: Goldman Sachs Upgrades PAREXEL International to Neutral on Stabilization, Financial Visibility
Goldman Sachs upgraded PAREXEL International (NASDAQ: PRXL) from Sell to Neutral and raised its price target from $28.00 to $36.00.
Goldman Sachs noted, "From 2008-2012 PRXL increased headcount by 45% to meet the demands of several new strategic partners (in particular PFE). While we acknowledge that there are likely more strategic deals to come, we believe PRXL is better positioned today to manage associated disruptions. As such, we upgrade PRXL to Neutral from Sell and raise our price target to $36 from $28 which is now based on 12-months (6-months previously) and group average multiples (vs. previous discounts) given improved financial visibility."
PAREXEL International closed at $32.74 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Goldman Sachs