UPDATE: Goldman Sachs Upgrades Covance to Buy on EPS Expectations
Goldman Sachs upgraded Covance Inc. (NYSE: CVD) from Neutral to Buy.
Goldman Sachs commented, "We upgrade CVD to Buy on (1) reaccelerating EPS growth with support from visible drivers, (2) potential upside to 2013 consensus (guidance with 4Q), and (3) greater upside optionality on fundamentals relative to Late-Stage peers. With its IT investments better understood, we believe more value could be ascribed to CVD's clinical business. On valuation, we believe the premium on 2013 is warranted given the accelerating earning growth and see shares trading more inline on 2014 estimates."
Covance closed at $62.54 on Friday.
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