As previously reported, Evercore ISI downgraded PAREXEL (PRXL) to Hold from Buy and raised its price target to $71.50 from $70. Analsyt Ross Muken said a series of large cancellations and continued pressure on backlog burn has curtailed operating income growth, with further incremental pressure form the strengthinging dollar. The analyst expects management to offset pressures through accelerated M&A and cost cutting efforts but sees modest downside risk to estimates and prefers peers with better track records of execution, namely Buy rated ICON (ICLR).