Jefferies Downgrades Quintiles (Q) to Hold
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Jefferies downgraded Quintiles (NYSE: Q) from Buy to Hold with a price target of $79.00 after QuintilesIMS has officially closed and will operate the full 4Q as a combined entity. The market has been supportive of the deal as the stock has risen 13.1% since the merger was announced (5/3), the firm notes.
Analyst David Windley commented, "QuintilesIMS likely sees its value-proposition realized over a handful of years. The strategic targets are inarguably significant opportunities. From our diligence, clients do not see IMS' data specifically as a game changer relative to other data sources and strategies. We move to HOLD as we believe Q is fully valued NT."
Shares of Quintiles closed at $76.33 yesterday.
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