Zacks Investment Research downgraded shares of CRA International Inc. (CRAI) from OUTPERFORM to NEUTRAL on May 14, 2013, with a target price of $20.00.
CRA International's posted modest first quarter 2013 results aided by a year-over-year increase in earnings. Moreover, the company s Antitrust & Competition Economics business delivered strong results during the quarter. 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. However, we remain concerned about the ongoing cautious spending by clients, stiff competition and currency fluctuations. Consequently we have changed our long-term recommendation from Outperform to Neutral as we expect the stock to perform in-line with the broader market.
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