Deutsche Bank Starts PAREXEL International (PRXL) at Hold

November 21, 2013 7:45 AM EST Send to a Friend
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Price: $64.92 +0.71%

Rating Summary:
    7 Buy, 10 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 45 | New: 12
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Deutsche Bank initiated coverage on PAREXEL International (NASDAQ: PRXL) with a Hold rating and price target of $50.00.

Analyst George Hill said, "We are initiating coverage of Parexel with a Hold rating given our concerns after the recent miss in new business signed. Parexel in F1Q14 reported new business signed at a 0.88 book to bill ratio, well below the long term target of 1.2. Management cited reduced new business from strategic partners, delayed client decisions on pending deals, and a lower than expected win rate. While the company has maintained its target of 1.2 book to bill and stated that new business signed in F2Q14 started strong, we are cautious given the risk associated with client concentration in its large partners, the risk of R&D restructuring at major pharma companies, and the business execution issues in F1Q14."

For an analyst ratings summary and ratings history on PAREXEL International click here. For more ratings news on PAREXEL International click here.

Shares of PAREXEL International closed at $40.90 yesterday.

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