Parexel Growth 'Almost Certainly' Will Accelerate: Jefferies (PRXL)

Jefferies & Co. commented today that "Growth almost certainly will accelerate" for Parexel International Corporation PRXL. Jefferies maintains a Buy rating on the stock. Parexel reported FY4Q10 EPS of $0.32 on $295.3M in revenues, compared to consensus estimates of $0.30 on $298M. Jefferies analysts note that "Due to strategic partnerships dynamics, Parexel backlog growth has accelerated well ahead of revenue. Aside from timing, we do not view this as a material decline in backlog quality." PAREXEL International Corporation is a biopharmaceutical services company. Jefferies maintains a $28 price target on the stock. Shares closed down more than 2% today, to $20.41.