Covance at buy by Jefferies

Covance, Inc. was rated by Jefferies & Co., Inc. analyst David Windley at a buy on news of the company's second-quarter results, including net bookings of $555 million (book-to-bill equals 1.66) and 16% earnings-per-share growth. Earnings per share were $0.54 on $335.2 million net revenue. Jefferies estimates were $0.52 per share on net revenues of $332.2 million, while consensus was at $0.53 per share on $336 million. Covance raised its full-year 2006 earnings-per-share target to at least $2.19 from $2.16. Shares of the Princeton, N.J.-based drug development services company were up $1.26, or 2.06%, at $62.55 on volume of 1,376,200 shares versus the three-month running average of 582,545 shares. (NYSE: CVD)

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