Covance Upgraded by Jefferies Group to Buy (CVD)
Covance (NYSE:CVD) was upgraded by analysts at Jefferies Group from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports.
A number of other analysts have also recently weighed in on CVD. Analysts at Deutsche Bank initiated coverage on shares of Covance in a research note to investors on Wednesday, November 20th. They set a “hold” rating and a $81.00 price target on the stock. Separately, analysts at Zacks downgraded shares of Covance from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, November 11th. They now have a $92.70 price target on the stock. Finally, analysts at UBS AG cut their price target on shares of Covance to $27.00 in a research note to investors on Monday, November 4th. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $82.02.
Covance (NYSE:CVD) traded up 4.88% on Tuesday, hitting $91.09. The stock had a trading volume of 808,706 shares. Covance has a 1-year low of $59.25 and a 1-year high of $91.99. The stock’s 50-day moving average is $85.96 and its 200-day moving average is $84.26. The company has a market cap of $5.116 billion and a price-to-earnings ratio of 29.25.
Covance (NYSE:CVD) last announced its earnings results on Tuesday, October 29th. The company reported $0.83 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.80 by $0.03. The company had revenue of $606.70 million for the quarter, compared to the consensus estimate of $594.30 million. During the same quarter in the previous year, the company posted $0.72 earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. On average, analysts predict that Covance will post $3.20 earnings per share for the current fiscal year.
Covance Inc is a drug development services company providing a range of early-stage and late-stage product development services on a worldwide basis primarily to the pharmaceutical, biotechnology and medical device industries.
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