Jefferies maintains PRA at hold

PRA International, Inc. was maintained by Jefferies & Co., Inc. analysts David Windley and Himanshu Rastogi at a hold rating and $27 price target following Wednesday's sell-off. The 2006 guidance was below Jefferies' expectation, but earnings-per-share growth is expected to accelerate into the high teens in 2007 as operating leverage drives margin improvement. Earnings-per-share estimates for 2006 were lowered to $1.37, the low end of the guidance range, and the 2007 earnings-per-share estimate was reduced by 13 cents to $1.62. Shares of the Reston, Va., contract research organization were up $1.65, or 6.82%, at $25.85 on volume of 632,316 shares versus the three-month running average of 105,757 shares. (Nasdaq: PRAI)

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