Jefferies Raises PT on Pharm. Product Devel. (PPDI)

Jefferies is out with its report today on Pharm. Product Devel. PPDI raising its PT on PPDI from $29 to $32. In a note to clients, Jefferies writes, "PPDI issued 2011 guidance above analyst expectations. It expects 2011 revenue of $1.48-1.58B and EPS at $1.53-1.69. Our revenue estimate of $1.50B (cons $1.51B) falls at the low end of guidance, while EPS guidance beat our EPS estimate of $1.49 (cons $1.47). PPD's revenue guidance implies a year over-year increase of approximately 13%. This is greater than we had expected, and may indicate that strategic partnership agreements signed in 2010 are expected to transition to meaningful revenue." Jefferies maintains Buy on PPDI. PPDI is trading at $29.73, up 4.57% from yesterday's close.