PRA on hold by Jefferies

PRA International was given a hold rating by Jefferies & Co., Inc. analyst David Windley after revenue and earnings performance was significantly below expectations. The company reported first-quarter 2006 results of $69.2 million in revenue and earnings per share of $0.25, or 4 cents below Jefferies' estimate, below consensus, and below guidance of $0.30 to $0.31 for the quarter. Shares of the Reston, Va., contract research organization were down $1.57, or 6.10%, at $24.15 on volume of 1,712,233 shares versus the three-month running average of 170,450 shares. (Nasdaq: PRAI)

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