UPDATE: Sterne Agee Maintains PAREXEL International at Underperform Following Guidance

Sterne Agee reiterated its Underperform rating and $23.50 price target on PAREXEL International PRXL. Sterne Agee noted, "PRXL revised GAAP EPS to $1.32-1.39 (mid: $1.355) from $1.30-1.40 (mid: $1.35). Dilution from the Liquent deal should be about $0.03, so EPS guidance would have gone to $1.32, but instead was maintained at ~$1.35. The incremental $20MM in revenues beyond Liquent is what boosts EPS back to $1.35. None of these clarifications alters our previous estimate changes, but we thought it important to clarify what appears to be quite a bit of confusion among investors." PAREXEL International closed at $29.51 on Wednesday.