UPDATE: Sterne Agee Downgrades PAREXEL Following FY13 Results, FY14 Guidance
In a report published Wednesday, Sterne Agee analyst Greg T. Bolan downgraded PAREXEL (NASDAQ: PRXL) from Neutral to Underperform, and lowered the price target from $44.00 to $36.00.
In the report, Sterne Agee noted, “After rigorous yet straightforward analyses, we conclude that PRXL's FY13 results were inflated by several favorable, non-fundamental variables and that FY14 operating margin guidance appears aggressive. We also conclude that with the expected moderation of revenue contribution from PRXL's largest client, upside to FY14 revenue guidance may be limited. Downgrading to Underperform and establishing a $36 price target based on 16x our CY15 EPS estimate of $2.36.”
PAREXEL closed on Tuesday at $51.33.
Latest Ratings for PRXL
|Jun 2016||Credit Suisse||Initiates Coverage on||Outperform|
|Apr 2016||Avondale Partners||Maintains||Underperform|
|Mar 2016||SunTrust Robinson Humphrey||Upgrades||Neutral||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.