Zacks Investment Research upgraded shares of CRA International Inc. (CRAI) from NEUTRAL to OUTPERFORM on February 22, 2013, with a target price of $26.00.
CRA International's posted modest fourth quarter results aided by the improved performance of the management consulting business. Moreover, the company's litigation business remains firm based on strong lead flow, improved conversion rate and project start-ups. Additionally, the company's growth initiatives and healthy cash balance augur well for the long term. Going forward, the company aims to achieve profitable growth both organically and through strategic hires. Consequently we have changed our long-term recommendation from Neutral to Outperform as we expect the stock to perform well above the broader market. However, we remain concerned about the ongoing cautious spending by clients, stiff competition and currency fluctuations.
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