UPDATE: J.P. Morgan Initiates Quintiles Transnational at Overweight on Global Market Leader Position
In a report published Tuesday, J.P. Morgan analyst Tycho W. Peterson initiated coverage on Quintiles Transnational (NYSE: Q) with an Overweight rating and $50.00 price target.
In the report, J.P. Morgan noted, “We are initiating coverage on Quintiles (Q) with an Overweight rating and December 2014 DCF-derived price target of $50. As the global leader in the clinical CRO market, Quintiles sits at the nexus of several important trends, including a continued push toward outsourcing, and the drive by biopharma customers to send more work through fewer, higher-quality CROs. Underlying the dynamic are improving industry trends, including stable biopharma R&D budgets and an increased reliance on outsourcing. We expect Quintiles to outgrow industry peers aided by a diversified global footprint and unique service offerings, and strong cash flow should fund deleveraging, resulting in ~15% EPS CAGR for the next several years.”
Quintiles Transnational closed on Monday at $43.53.
Latest Ratings for Q
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.