Covance Stock Rating Lowered by Goldman Sachs Group Inc. (CVD)
Covance (NYSE:CVD) was downgraded by equities research analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $101.00 price objective on the stock. Goldman Sachs Group Inc.’s price objective would suggest a potential upside of 6.14% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Covance (NYSE:CVD) traded down 0.67% on Tuesday, hitting $95.16. The stock had a trading volume of 428,632 shares. Covance has a 52 week low of $64.89 and a 52 week high of $97.48. The stock’s 50-day moving average is $88.68 and its 200-day moving average is $85.39. The company has a market cap of $5.345 billion and a P/E ratio of 32.27.
A number of other firms have also recently commented on CVD. Analysts at Jefferies Group upgraded shares of Covance from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, January 7th. Separately, 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. Finally, 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $84.40.
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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