UPDATE: Sterne Agee Resumes Coverage on Covance with Neutral Rating, $76 PT on Current Valuation
In a report published Wednesday, Sterne Agee analyst Greg T. Bolan resumed coverage on Covance (NYSE: CVD) with a Neutral rating and $76.00 price target.
In the report, Sterne Agee noted, “CVD possesses the most diversified services portfolio of any CRO, which over the years has insulated the company from heightened volatility in revenue and earnings results. With marked improvement in Central Lab kit volume and mix as well as continued momentum in Clinical results, we think the company will experience accelerating EPS growth. We believe the current valuation reflects our thinking and thus initiate with a Neutral rating and $76 price target.”
Covance closed on Tuesday at $74.91.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.