Jefferies Starts Medpace (MEDP) at Hold
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Jefferies initiates coverage on Medpace (NASDAQ: MEDP) with a Hold rating and a price target of $32.50.
Analyst David Windley commented, "We initiate on MEDP with a $32.50 PT and Hold rating on valuation (+33.5% since pricing). MEDP competes in the phase I-IV CRO space, wins mandates with its therapeutic expertise and responsiveness, and delivers very high margin via its prescriptive operating model. We have credited MEDP's superior cash flow in our PT; however, quarterly volatility in operating metrics and the current biotech funding environment keep us from being more aggressive on valuation."
Shares of Medpace closed at $30.70 yesterday.
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