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UPDATE: ISI Group Upgrades PAREXEL on Improving Fundamentals Ahead of 3Q Earnings

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In a report published Friday, ISI Group analyst Ross Muken upgraded the rating on PAREXEL International Corporation (NASDAQ: PRXL) from Neutral to Buy, and raised the price target from $52.50 to $57.00.

In the report, ISI Group noted, “As we approach 3Q earnings, dynamics in the CRO and biopharma markets cause us to be incrementally more positive on the universe, and specifically PAREXEL. Our view of the CROs is positively biased by (1) improved pipeline success rates at biopharma (after several years of contraction, NME approvals were up from 21 to 30 to 39 in 2010-2012, with 16 NMEs thus far in 2013); (2) a rebound in biotech funding (2Q'13 biotech funding up ~40% sequentially and ~70% y-o-y); and (3) continued vendor consolidation among sponsors(the 7 largest CROs have grown from ~35% of the market in 2004 to nearly 60% today). We believe these trends should benefit the large diversified late phase CROs with global presence and full-service offerings (far better suited for integrated strategic partnerships).”

PAREXEL International Corporation closed on Thursday at $49.68.

Latest Ratings for PRXL

DateFirmActionFromTo
May 2017UpgradesSellNeutral
May 2017UpgradesHoldOutperform
Feb 2017DowngradesOutperformNeutral

View More Analyst Ratings for PRXL
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Posted-In: ISI Group Ross MukenAnalyst Color Upgrades Analyst Ratings

 

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