Goldman Reiterates Buy on PAREXEL International (PRXL)

Goldman Sachs is reiterating its Buy rating on PAREXEL International Corporation PRXL and $28 price target. In a note sent to investors, Goldman writes, "Our positive view of an attractive clinical late-stage environment was strengthened again this quarter as we saw book-to-bills ratios of 1.0 or better across the group. Importantly, the quarter also provided further clarity around backlog conversion, an issue that has been top of mind for investors, given the increasing prevalence of long-term strategic deals. Conversely, 3Q's disappointing preclinical results demonstrated that the early-stage environment remains challenged as still weak demand and excess capacity sparked further cost actions and buyback announcements." Shares of PRXL lost 79 cents on Friday to close at $21.32, a loss of 3.5%.