According to Jefferies, Pharm. Product Dev. PPDI have hired a financial advisor.
Jefferies said that investors looked past a low quality 2Q earnings beat and instead focused on strong bookings, record high RFP levels, and (probably most importantly) progress toward a value-enhancing deal. “Our PT is $35 per share, or 22.0x our 2011 EPS estimate of $1.59, which is in line with historical averages for the CRO group.”
Pharm. Product Dev. closed yesterday at $30.04.
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