PPDI upgraded to buy by Jefferies

Jefferies & Company has upgraded Pharmaceutical Product Development Inc. (PPDI) to buy from hold and raised its 12-month price target to $67 from $54. Jefferies predicts revenue will grow as backlogged products reach market and research and development costs drop accordingly. Other developments include a $245 million NIH contract win and a predicted earnings-per-share growth of 17% as PPDI begins to collect royalties from dapoxetine PDUFA.

Shares of the Wilmington, N.C.-based pharmaceutical company were up $0.99, or 1.79%, at $56.40 on volume of 488,287 shares versus the three-month running average of 365,459 shares.

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