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PAREXEL Q2 beat and raise of poor quality, says Jefferies

Jefferies says PAREXEL's Q2 earnings missed expectations after adjustments and that the company's increased outlook can be attributed to a lower tax rate and lower "other" expenses. The firm adds the company's booking cancellations grew much more quickly than expected. Jefferies expects the after-hours rally last night to reverse on the poor quality quarter and keeps a Hold rating on shares of PAREXEL.