UPDATE: Goldman Sachs Resumes Quintiles (Q) at Buy
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(Updated - October 5, 2016 8:39 AM EDT)
Goldman Sachs resumed coverage on Quintiles (NYSE: Q) with a Buy rating and a price target of $94. Analyst Robert P. Jones thinks conservative assumptions, along with modest improvements in win and conversion rates will result in upside to estimates and guidance.
"Whether the merger of the largest CRO and the largest healthcare database globally will result in meaningfully more productive drug trial management will take a few years to bear out. That said, we think under conservative assumptions, modest improvements in win and conversion rates will result in upside to estimates/guidance. Against a favorable CRO fundamental backdrop and an expectation for continued relative stability in the legacy IMS business, we see an attractive entry point with shares of Q 20% below its 5-year average premium to the S&P. We remove the NR designation from Q shares and add Q to the Buy List with a 12-month price target of $94," said Jones.
Shares of Quintiles closed at $78.79 yesterday.
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