PAREXEL International (PRXL): Price consolidating in bullish 'pennant' pattern

Filed under: Analyst upgrades and downgrades, Good news, Technical Analysis, Stocks to Buy

PAREXEL International Corporation (NASDAQ: PRXL) provides contract research, medical marketing and consulting services to the pharmaceutical, biotechnology and medical device industries. Its Clinical Research Services segment offers clinical trial and data management, clinical pharmacology and related medical advisory services. The Consulting and Medical Communications Services unit offers technical advice on new product development, marketing and regulatory affairs. Subsidiary Perceptive Informatics sells IT system, medical imaging, and related services that help manage clinical trials.

The company pleased investors last week, when it guided fiscal Q4 EPS to 25-26 cents and revenues to $258-$265 million. Analysts had been looking for 26 cents and $259.31 million. Management also guided FY09 EPS to $1.10-$1.20 ($1.08 consensus) and FY09 revenues to $1.11-$1.14 billion ($1.14B consensus). Raymond James subsequently upgraded the stock to "outperform", noting that the firm "will exhibit a strong growth profile due to a strong biopharmaceutical outsourcing market, a large geographic footprint and a diversified service offering."

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