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Jefferies reiterates Parexel at buy
Parexel International Corp. was reiterated by Jefferies & Co., Inc. analyst David Windley at a buy with a $32 price target. The company reaffirmed its guidance of $0.86 to $0.89 (pro forma) on $605 million to $610 million of revenue for full-year 2006. Management's guidance for full-year 2007 is $1.10 to $1.20 (includes $0.18 stock expense) on $690 million to $710 million of revenue, while consensus is $1.15 on $676 million and Jefferies' estimate $1.31 on $685 million. Shares of the Waltham, Mass.-based biopharmaceutical company were up 65 cents, or 2.31%, at $28.78 on volume of 483,783 shares versus the three-month running average of 263,679 shares. (Nasdaq: PRXL)
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