Deutsche Bank Reiterates Hold Rating on PPDI Inc. (PPDI)

Deutsche Bank is out with a research report this morning, where it reiterates its Hold rating on PPDI Inc. PPDI; it has a $28.00 price target on the stock. The Deutsche Bank analysts cited the company's recently reported quarterly earnings, which were in-line with expectations, though slightly lower than DB's own forecast. New business authorizations were $663.8 million, while cancellations and adjustments were $220.9 million. The company's backlog at the end of 3Q was ~$3.4 billion. The analysts noted that PPDI did not reference guidance in the release, which historically means that it will reiterate guidance. PPDI's previous guidance includes revenue growth in the single digits to $1.307-1.427 billion and EPS in the range of $1.00-$1.12.