Baird downgraded Medpace Holdings Inc. (MEDP) to Neutral from Outperform.
The firm simultaneously raised its price target for the stock to $547 from $477.
A significant share price rally and low net book-to-bill ratios prompted the rating change.
Baird cited uncertainty regarding the conversion of the company's backlog into revenue.
Jefferies recently downgraded Medpace to Hold based on valuation concerns.
BMO Capital lowered its price target as persistent cancellations impacted financial guidance.
Five analysts have revised their earnings estimates downward for the upcoming period.
Market analysts continue to highlight the stock's significant price volatility.