Jefferies Lowers PT On PRXL To $26.50

Jefferies has lowered its price target on PAREXEL International PRXL from $30 to $26.50, citing concerns of the company's revenue revisions. Says Jefferies, in the report, “It is difficult to go back to this well, after two downward revenue revisions. However, management did provide rationale for building resources in advance of studies ramping and assurances that it has redoubled its efforts on project analysis and forecasting. We also learned that project profitability is lower in the "early ramp phase," but improves as it moves into full revenue recognition, a new data point.” Jefferies maintains its Buy rating on the stock. PRXL closed yesterday at $22.96.