Bear Stearns puts PRA at outperform

PRA International Inc. was rated at outperform with a $30 price target by Bear Stearns analyst Stephen Unger on news of the company's lower-than-expected second-quarter results. Earnings per share of $0.19 missed Bear Stearns' model by $0.08. Net revenues were down 7.8% to $70.1 million, $2.1 million below the analyst's expectations. PRA lowered its 2006 earnings-per-share guidance to $1.06 to $1.17 from $1.18 to $1.26 on targeted revenue of $300 million to $320 million from $290 million to $310 million. Shares of the Reston, Va.-based contract research organization were up $1.26, or 5.67%, at $23.48 on volume of 376,303 shares versus the three-month running average of 223,956 shares. (Nasdaq: PRAI)

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