UPDATE: Jefferies Downgrades Parexel from Buy to UNDERPERFORM and Lowers PT from $29.00 to $19.50

Jefferies has published a report on Parexel PRXL In the report, Jefferies wrote, "We are downgrading PRXL on concerns of further earnings risk and on valuation that overstates the profitability of new strategic wins. While we believe the wins will translate to significant revenue, the need for significant upfront investment, likely more with Pfizer, will dampen margin. We believe the stock has near-term downside risk before margins begin to improve." Jefferies downgraded Parexel from Buy to UNDERPERFORM with a price target of $19.50 (down from $29.00). Parexel closed Wednesday at $22.95.