UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Covance

In a report published Friday, J.P. Morgan reiterated its Overweight rating on Covance

, and raised its price target from $68.00 to $70.00. J.P. Morgan noted, “Given a diversified service offering, increasing geographical footprint, economies of scale, and growing biotechnology and pharmaceutical customer base, which have become increasingly reluctant to outsource work to smaller, less well-funded service organizations, we believe that CVD will continue to command a significant premium valuation to peers.” Covance closed on Thursday at $67.54.