PRA on hold by Jefferies

Jefferies & Co., Inc. analyst David Windley maintained PRA International at a hold rating with a lower price target of $23 on management's confidence that the second half of 2006 will show improvement. PRA reported second-quarter results including $0.28 per share on $70.1 million in revenue, compared to Jefferies' estimate of $0.28 on $74.1 million and consensus of $0.28 on $73.3 million. Management raised 2006 revenue guidance to $300 million to $320 million from the $290 million to $300 million range. Shares of the Reston, Va.-based contract research organization were down 78 cents, or 3.39%, at $22.22 on volume of 171,238 shares versus the three-month running average of 248,034 shares. (Nasdaq: PRAI)

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