Goldman Sachs Downgrading PRXL To Neutral

Goldman Sachs is downgrading PAREXEL International PRXL to Neutral as it is nearing its 6-m price target. “We also believe that in order for shares to move higher from here, investors will need to see better P&L performance from the company, which we do not expect will materialize this quarter,” Goldman Sachs writes. “While shares of PRXL have been penalized due to the backlog conversion issue, we continue to believe that timing of conversion does not diminish the strength of PAREXEL's bookings momentum and its ability to win share in a market that is shifting to large players with global reach.” PAREXEL International closed Friday at $21.16.