Jefferies Reports Pharm. Product Dev. Has Hired A Financial Advisor

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.