UPDATE: Sterne Agee Resumes Coverage on PAREXEL International Corporation with Neutral Rating, $44 PT Following Raised Estimates

In a report published Wednesday, Sterne Agee analyst Greg T. Bolan resumed coverage on

with a Neutral rating and $44.00 price target. In the report, Sterne Agee noted, “Over the past three to five years, PRXL has successfully climbed the PIII CRO market share ladder, essentially doubling its revenue base. We believe a refocus on the U.S. marketplace as well as continued investments in Asia-Pacific regions were factors in PRXL's success. We also believe the company has engaged in more aggressive contractual structures with large pharma companies looking to ‘transfer development risk.' Re-initiating coverage with a Neutral rating and $44 price target.” PAREXEL International Corporation closed on Tuesday at $46.85.