Covance maintained by Jefferies at buy

Covance Inc. was maintained by Jefferies & Co. analyst David Windley at a buy rating and price target of $51 per share following second-quarter earnings. Jefferies said it would revisit its estimates following the company's conference call on the results. Princeton, N.J.-based Covance provides research, diagnostic and clinical laboratory services to the biopharmaceutical and medical devices industry. Covance shares Thursday dropped $2.40, or 4.78%, to $47.80 on volume of 1,792,500 shares versus the three-month running average of 397,883 shares.

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