UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Covance

In a report published Monday, Jefferies reiterated its Hold rating on Covance

, and raised its price target from $52.00 to $68.00. Jefferies noted, “The call was positive, with much of the focus on Central Lab and the outlook there, followed by Clinical. Bookings support continued growth, and margins appear sustainable barring cancellations or an uncharacteristic, aggressive strategic deal. Early Dev's underperformance and low visibility doesn't drag growth nearly as much now. The catch: the market clearly saw this coming.” Covance closed on Friday at $67.61.