Jefferies maintains Covance buy rating

Covance Inc. was maintained by Jefferies & Co. Inc. analyst David Windley at a buy rating with $58 price target after third-quarter results showed earnings per share of $0.49 that met consensus and beat Jefferies estimates by a penny. The company satisfied key metrics in the quarter, despite making no upside surprises. But, Jefferies said, the company's long-term growth outlook is still intact. Shares of the Princeton, N.J.-based drug development company were down $3.11, or 5.97%, at $48.99 on volume of 1,560,500 shares versus the three-month running average of 362,448 shares.

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