Jefferies Cuts Price Target on Parexel (PRXL) Following Announced Repurchase Plan
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- Jefferies Cuts Price Target on Entergy (ETR) to $72 Following Announced PPA Termination
- UBS Raises Price Target on Dick's Sporting Goods (DKS) to $69
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!