Syneos (SYNH) PT Lowered to $70 at Jefferies

Jefferies analyst David Windley lowered the price target on Syneos (NASDAQ: SYNH) to $70.00 (from $75.00) while maintaining a Hold rating.

The analyst commented, "Investors should suppress their inclination to view this as: 1) company-specific to SYNH, and 2) a near-term buying opportunity in SYNH. We believe biotech demand gets worse before it gets better. The lag between weakened funding and slowing bookings pipeline is long, but beginning to show... this qtr in MEDP, ICLR (biotech RFPs down), and SYNH (0.92x btb). Privates warned us about slowing decision cycles, and publics are confirming that. Lower PT to $70."

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