Jefferies upgrades Parexel to buy

Parexel International Corp. was upgrading to buy from hold with a price target of $32 by Jefferies & Co., Inc. analyst David Windley on outstanding new business and backlog in the third quarter, plus a record net book-to-bill of 1.7. Third-quarter 2005 earnings per share of $0.25 beat Jefferies' estimates and consensus by two cents. Shares of the Waltham, Mass., biopharmaceutical company were up $1.96, or 7.28%, at $28.88 on volume of 731,134 shares versus the three-month running average of 210,140 shares. (Nasdaq: PRXL)

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