PRA upgraded to outperform by Bear Stearns

PRA International, Inc. was upgraded by Bear Stearns analyst Steve Unger to outperform from peer perform and the $32 price target was lowered to $30. PRA said it expects revenues of $70 million, below the Bear Stearns estimate of $76 million and earnings per share of $0.29, below the analyst's estimate of $0.34. The lower-than-expected figures were attributed to the delayed start of three large contracts and poorly timed contract change orders. PRA said it expects to generate revenues of $325 million to $330 million in 2006, resulting in earnings per share of $1.27 to $1.31. 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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