UPDATE: Jefferies Reiterates Hold Rating, Raises PT on PAREXEL International Corporation Following Solid 2Q Results

In a report published Thursday, Jefferies analyst David Windley reiterated a Hold rating on

, and raised the price target from $46.00 to $47.00. In the report, Jefferies noted, “Our view is that PRXL's valuation is stretched, and its growth is poised to slow, making a Buy very hard to justify. 2Q results were in line to slightly ahead of all metrics - revenue, margin, EPS, and bookings. However, a 1.2x book-to-bill and a 4th quarter of down YoY bookings only reinforce further revenue growth deceleration. This time certainly could be different, but history shows slower revenue growth accompanied by multiple compression. PT to $47.” PAREXEL International Corporation closed on Wednesday at $50.44.