Wells Fargo Cuts Pharmaceutical Product Development (PPDI) to Market Perform Amid $3.9B Offer

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October 3, 2011 12:57 PM EDT
Get Alerts PPDI Hot Sheet
Price: $33.24 --0%

Rating Summary:
    1 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 14 | New: 11
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Wells Fargo's Tim Evans downgraded shares of Pharmaceutical Product Development (NASDAQ: PPDI) from Outperform to Market Perform Monday afternoon following news of Carlyle and H&P's $3.9 billion bid for the company. Shares of PPD have surged more than 26 percent Monday.

The firm believes additional bidders for the company are "unlikely." Wells Fargo boosted its valuation range from $31-$33 to $31-$33.25.

For more ratings news on Pharmaceutical Product Development click here and for the rating history of Pharmaceutical Product Development click here.

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