Jefferies Cuts Price Target on Parexel (PRXL) Following Announced Repurchase Plan
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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."
Shares of PAREXEL International closed at $58.56 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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