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Fly News Breaks for November 11, 2016
PRXL
Nov 11, 2016 | 07:21 EDT
As noted earlier, SunTrust downgraded PAEXEL to Hold from Buy. Analyst Sandy Draper downgraded the stock after the company announced that it was delaying the issuance of its 10Q due to inappropriate revenue recognition issues. The analyst says that this news, along with the delay of its previous 10Q due to financial irregularities, the unexpected departure of its CFO and its cancellation of strategic partnerships earlier this year, lead him to question the company's execution and controls. Target $60.
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