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Fly News Breaks for October 27, 2016
PRXL
Oct 27, 2016 | 13:05 EDT
Piper Jaffray analyst Sean Wieland noted that Parexel missed revenue and earnings expectations for Q2 and lowered its outlook largely due to higher than expected cancellations and project delays. After the setbacks described by the company, Wieland lowered his P/E multiple on Parexel to be in line with peers and cut his price target on the shares to $60 from $71 while keeping a Neutral rating on the stock.
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