Jefferies rates Covance at buy

Covance, Inc. was reiterated at a buy rating by Jefferies & Co., Inc. analyst David Windley. For the fourth quarter, Covance reported earnings of $0.54 on $322.3 million in revenue versus consensus of $0.52 on revenue of $312 million. The company also raised its earnings-per-share target to $2.33 from $2.30 for 2006. This compares to consensus of $2.31. Shares of the Princeton, N.J., drug development company were up $2.38, or 4.32%, at $57.49 on volume of 1,433,100 shares versus the three-month running average of 424,368 shares. (NYSE: CVD)

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