Jefferies maintains PPDI at buy, raises price target

Pharmaceuticals Product Development Inc. (PPDI) was maintained by Jefferies & Co. Inc. analyst David Windley at a buy rating and the price target was raised to $68.50 from $67.00 after third-quarter earnings per share of $0.70 beat consensus by $0.04 and Jefferies estimates by $0.02. New business in the third quarter helped drive strong revenue growth. Shares of the Wilmington, N.C.-based drug development company were up $2.13, or 3.43%, at $64.15 on volume of 931,315 shares versus the three-month running average of 355,159 shares.

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