Near-Term Expectations Dampened by Parexel’s First-Quarter Cancelation Rates; Shares Fairly Valued
Higher-than-expected clinical research cancelations painted a grim picture for Parexel’s first-quarter results and expectations for the remaining fiscal year. Despite the large downward adjustment to Parexel’s stock on the news, shares remain fairly valued in our view. We are slightly lowering our near-term sales estimates for Parexel’s clinical research business to account for our tempered expectations. Our fiscal year 2017 top-line estimate now falls near the bottom of management’s revised ful...
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