Parexel Lowers Full-Year Guidance Slightly Below our Bearish Estimates; $58 FVE Unchanged
While Parexel’s second fiscal quarter results saw an improvement over the first quarter, disappointing revisions to full-year guidance nixed expectations of accelerated sales in the back half of the year. We do not plan on changing our $58 per share fair value estimate, as our incrementally lower expectations for the full year was offset by the time value of money. While we believe Parexel merits a narrow economic moat thanks to the sticky nature of its long-term strategic relationships and expo...
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