UPDATE: Jefferies Upgrades PAREXEL Int'l to Hold

Jefferies is out with its report today on PARAXEL Int'l PRXL, upgrading PRXL to Hold from Underperform. In its report, Jefferies writes, "PRXL's very high bookings appear to yield enough revenue to offset increased operating costs with a little to spare (in the guidance). PRXL has fallen by 2x the market sell-off over the last ~3 weeks. We have remaining concerns regarding deal profitability, but the bet on the forward year EPS upside is now smaller and palatable." Jefferies maintains a $19.50 PT on PRXL. Shares of PRXL closed Tuesday at $17.19.