Duncan-Williams Maintains Buy on eResearch Technology (ERES)

Duncan-Williams is out with its report on eResearch Technology ERES, maintaining Buy. In a note to clients, Duncan-Williams writes, "ERT reported Q1:11 revenue and adjusted EPS of $41.7 million and $0.09, below our revenue estimate of $42.5 million and above our adjusted EPS estimate of $0.07. This represents approximately 91% revenue growth and 80% EPS growth compared to the same period last year. Our estimates assume a normalized tax rate of 29%, exclude charges to G&A associated with the CRS acquisition, and exclude charges to COGS due to amortization of intangibles from the CRS acquisition. We are maintaining a BUY rating and our twelve month price target of $8.50." Shares of ERES closed Monday at $6.79.