UPDATE: Sterne Agee Reiterates Underperform Rating, Raises PT on PAREXEL International Corporation

In a report published Monday, Sterne Agee Group reiterated its Underperform rating on PAREXEL International Corporation (NASDAQ: PRXL ), and raised its price target from $23.50 to $27.00. Sterne Agee noted, “As we discussed in a recent industry note (dated 1/7/13), we believe investors are under-pricing the risk inherent in