Jefferies Reiterates Buy Rating on PAREXEL International (PRXL)

Jefferies is out with a research report this morning, where it reiterates its Buy rating on PAREXEL International PRXL; it has a $28.00 price target on the stock. The Jefferies analysts cited the company's recent earnings announcement, which showed that F2Q11 results were in line on strong revenue. However, guidance was below consensus for the coming year. The analysts added that hints of revenue acceleration as well as solid bookings in 2Q make that guidance look plenty cautious. Timing of study starts is still a headwind, but massive cancellations don't seem to be one.