Goldman Sachs Downgrades Parexel (PRXL) to Sell, Upgrades Charles River (CRL) to Neutral
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- Goldman Sachs Downgrades Parexel (PRXL) to Sell, Upgrades Charles River (CRL) to Neutral
Goldman Sachs made some ratings changes in the Pharmaceutical Services sector today, cautioning that third results could come with further weakness in bookings and more cancellations.
The firm:
- Downgraded Parexel International Corp. (Nasdaq: PRXL) from Neutral to Sell, citing risk to sector-high consensus growth outlook ($12 tgt).
- Upgraded Charles River Laboratories (NYSE: CRL) from Sell to Neutral, citing more reasonable expectations following management's reduced growth outlook. (tgt to $36 from $26)
- Maintain Sell on PPD (Nasdaq: PPDI) citing potential for a weak book-to-bill this quarter against premium group valuation and a sector-low growth outlook. ($18 tgt)
- Maintains Buy on ICON (Nasdaq: ICLR) on consistent book-to-bill and still reasonable valuation (tgt to $26 to $25)
- Maintain Neutral Covance (NYSE: CVD) (tgt to $55 from $46) and Kendle (Nasdaq: KNDL) (tgt to $15 from $11)
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