Jefferies sees rising risk for Syneos Health outlook, downgrades to Hold

• Jefferies analyst David Windley downgraded Syneos Health (SYNH -8.0%) to Hold from Buy with a price target of $75, down from $101, making the stock fall 8%.
• The analyst sees few issues affecting 2022 as, weak 4Q core bookings challenge 2022 Clinical revenue growth with slowing CMD biotech demand further pressures FY bookings and revenue.
• Also, the one-time 2021 benefits in revenue and costs mean the real margin step-off point is ~80 bps lower, making the 2022 margin target look high.
• Since the start of 2022, Syneos Health shares fell around 28.5% and over a period of one year shares were down around 20%.
• Wall Street analysts stands with a Buy rating on the stock, Seeking Alpha Quant System says to Hold.