On Apr 12, Zacks Investment Research raised PAREXEL International Corporation PRXL to a Zacks Rank #1 (Strong Buy).Why the Upgrade?The upgrade was primarily driven by solid estimate revisions over the last 60 days.The Zacks Consensus Estimate for full-year 2016 is currently pegged at $3.49 per share, which moved up 6.4% (21 cents) over the time frame. Meanwhile, the Zacks Consensus Estimate for full-year 2017 has been revised upward by 3.3% (13 cents) to the present $4.03 per share.Key Growth FactorsPAREXEL’s expansion into genomic-based drug development is a key growth catalyst. Meanwhile, the acquisition of life sciences consulting firm Health Advances expanded the company’s customer base. The buyout helped PAREXEL target customers in the medical device, diagnostics and healthcare IT segments.Moreover, through the launch of IMPACT Express Clinical Trial Management System (CTMS), the company has significantly expanded its product portfolio. The single unified IMPACT Express CTMS makes it easier for biopharmaceutical companies to effectively manage clinical trials.The launch of enhanced Clinical Development Optimization process that uses advanced technology to expedite drug development has also benefited PAREXEL.The product expansions are expected to drive overall growth in 2016. Management expects third-quarter fiscal 2016 revenues in the range of $517–$527 million. Adjusted earnings are likely to be within 84–92 cents per share. For fiscal 2016, PAREXEL projects revenues in the band of $2.085--$2.115 billion.Most recently, Forbes named PAREXEL one of the “Best Employers” of America for 2016.Other Stocks to ConsiderOne may also consider other favorably ranked stocks in the same space like PRA Health Sciences PRAH, LeMaitre Vascular LMAT and Orthofix International OFIX. All the stocks carry the same Zacks Rank as PAREXEL. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ORTHOFIX INTL (OFIX): Free Stock Analysis Report LEMAITRE VASCLR (LMAT): Free Stock Analysis Report PAREXEL INTL CP (PRXL): Free Stock Analysis Report PRA HEALTH SCI (PRAH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research