Jefferies maintains PRA at hold

PRA International was maintained at hold by Jefferies & Co. Inc. analysts David Windley and Sumant Kulkami, who said PRA's price-selective strategy has resulting in rapid margin expansion but revenue growth of only 8.3% - half the industry average. Nonetheless, they raised the price target to $30 from $29 and the 2005 earnings-per-share estimate to $1.35 from $1.26 to reflect higher guidance. Shares of the Reston, Va.-based pharmaceutical company were down $0.05, or 0.18%, at $27.10 on volume of 72,764 shares versus the three-month running average of 72,072 shares.

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