Wells Fargo Resumes Coverage on Covance (CVD) at Outperform; Broad Portfolio Creates Competitive Advantage
Tweet
Share
E-mailGet Alerts CVD Hot Sheet
Price: $106.42 --0%
Rating Summary:
3 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Wells Fargo resumes coverage on Covance (NYSE: CVD) with a Outperform. PT range $57-$59.
Wells analyst says, "We believe CVD has created a sustainable competitive advantage by building a well-integrated portfolio of services spanning the entire drug development continuum (the only CRO that can make that claim). CVD has been able to leverage this advantage to structure unique partnerships with large pharmaceutical companies that are seemingly out of reach for other CROs. These partnerships have boosted CVD's backlog 130% over the last 3.5 years to $6.2 billion, 39% of which is subject to contractual minimums, creating the best long-term visibility in the sector, in our opinion. We also believe the company is taking some market share in its Early Development segment...We set our 2011 and 2012 EPS estimates at $2.71 and $3.31, respectively."
For more ratings news on Covance click here and for the rating history of Covance click here.
Shares of Covance closed at $47.00 yesterday.
Wells analyst says, "We believe CVD has created a sustainable competitive advantage by building a well-integrated portfolio of services spanning the entire drug development continuum (the only CRO that can make that claim). CVD has been able to leverage this advantage to structure unique partnerships with large pharmaceutical companies that are seemingly out of reach for other CROs. These partnerships have boosted CVD's backlog 130% over the last 3.5 years to $6.2 billion, 39% of which is subject to contractual minimums, creating the best long-term visibility in the sector, in our opinion. We also believe the company is taking some market share in its Early Development segment...We set our 2011 and 2012 EPS estimates at $2.71 and $3.31, respectively."
For more ratings news on Covance click here and for the rating history of Covance click here.
Shares of Covance closed at $47.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AMD (AMD) to offer senior notes in four parts
- UBS Starts Schrodinger (SDGR) at Neutral
- Oppenheimer Starts Carriage Services (CSV) at Outperform
Create E-mail Alert Related Categories
New CoverageRelated Entities
Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
