UPDATE: Sterne Agee Reiterates Underperform Rating, Raises PT on PAREXEL International Corporation

In a report published Monday, Sterne Agee Group reiterated its Underperform rating on PAREXEL International Corporation

, and raised its price target from $23.50 to $27.00. Sterne Agee noted, “As we discussed in a recent industry note (dated 1/7/13), we believe investors are under-pricing the risk inherent in PAREXEL. A much higher customer concentration and insufficient operational benefits accruing to clients from strategic partnerships (based on our industry checks) make PRXL a riskier investment than either CVD or CRL, in our opinion. Therefore, we use 15x CY14 to arrive at a $27 price target for PRXL; compares to 10-year average of 18x.” PAREXEL International Corporation closed on Friday at $32.74.