KeyBanc Starts Covance (CVD) at Buy
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Price: $106.42 --0%
Rating Summary:
3 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 10 | New: 12
Rating Summary:
3 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 10 | New: 12
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KeyBanc initiates coverage on Covance (NYSE: CVD) with a Buy rating and a price target of $120.00.
Analyst Donald Hooker said, "We are initiating coverage of Covance Inc. with a BUY rating and a price target of $120 per share, or ~12.6x our 2015 EBITDA estimate of $507 million (consensus: $484 million). Covance is the most diversified CRO in terms of services (e.g., early-stage, late-stage, and post-approval) and geographic exposure (50% of revenues outside the United States). For investors, we expect this diversification will translate to (relatively) more consistent operating and share performance. Also, we think Covance’s breadth of services and geographies allows it to pursue strategic partnerships with biopharmaceutical sponsors in a more uniquely integrated manner than can other CROs. Additionally, we believe that Covance has a competitive advantage in late-stage clinical development (Phases II and III) due to its dominant market share in central laboratory (~40% globally)."
For an analyst ratings summary and ratings history on Covance click here. For more ratings news on Covance click here.
Shares of Covance closed at $103.71 yesterday.
Analyst Donald Hooker said, "We are initiating coverage of Covance Inc. with a BUY rating and a price target of $120 per share, or ~12.6x our 2015 EBITDA estimate of $507 million (consensus: $484 million). Covance is the most diversified CRO in terms of services (e.g., early-stage, late-stage, and post-approval) and geographic exposure (50% of revenues outside the United States). For investors, we expect this diversification will translate to (relatively) more consistent operating and share performance. Also, we think Covance’s breadth of services and geographies allows it to pursue strategic partnerships with biopharmaceutical sponsors in a more uniquely integrated manner than can other CROs. Additionally, we believe that Covance has a competitive advantage in late-stage clinical development (Phases II and III) due to its dominant market share in central laboratory (~40% globally)."
For an analyst ratings summary and ratings history on Covance click here. For more ratings news on Covance click here.
Shares of Covance closed at $103.71 yesterday.
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