Jefferies Cuts Price Target on Parexel (PRXL) Following Announced Repurchase Plan

November 23, 2016 9:07 AM EST
Get Alerts PRXL Hot Sheet
Price: $58.74 --0%

Rating Summary:
    5 Buy, 13 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 27 | Down: 20 | New: 14
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Jefferies maintained a Hold rating on PAREXEL International (NASDAQ: PRXL), and cut the price target to $64.00 (from $67.00), following the company's announced $200M share repurchase program. 80% (~2.8M shares) will be acquired on 11/23 at $57.51/sh.

Analyst David Windley commented, "PRXL announced that its $200M share repurchase program will be executed by ASR. We estimate $0.03-$0.07 accretion versus prior assumptions. Following the 1Q17 earnings revision due to revenue recognition timing, the ASR provides a needed lift, though it does little to alleviate operational performance concerns. Even accounting for the ASR, we believe guidance is too optimistic."

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 $58.56 yesterday.



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