Covance Receives “Neutral” Rating from Zacks (CVD)
Covance (NYSE:CVD)‘s stock had its “neutral” rating restated by Zacks in a report issued on Tuesday. They currently have a $92.00 price target on the stock. Zacks‘s target price would indicate a potential upside of 5.25% from the stock’s previous close.
Zacks’ analyst wrote, “Covance reported a strong first-quarter 2014, with adjusted EPS of $0.90, which was up 20.0% year over year and remained in line with the Zacks Consensus Estimate. Revenues were up 5.0% at $666.2 million, ahead of the Zacks Consensus Estimate of $646 million. Despite increased spending on strategic IT projects, Late-Stage Development continues to grow strongly on the back of better-than-estimated kit volumes in central laboratories and strong performance of Phase II-IV clinical development services. Moreover, after several quarters of drag, Early Development started showing signs of recovery with improvement in clinical pharmacology and toxicology. Although capital spending environment and competitive landscape remain as overhangs, we believe Covance is positioned well to drive growth in the coming quarters. Currently, we are Neutral on the stock.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James reiterated an “outperform” rating on shares of Covance in a research note on Monday, May 19th. They now have a $100.00 price target on the stock, down previously from $104.00. Separately, analysts at Credit Suisse cut their price target on shares of Covance from $112.00 to $100.00 in a research note on Tuesday, May 6th. They now have an “outperform” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “hold” rating on shares of Covance in a research note on Monday, May 5th. They now have a $93.00 price target on the stock. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $92.82.
Covance (NYSE:CVD) traded down 0.50% on Tuesday, hitting $86.97. The stock had a trading volume of 124,564 shares. Covance has a one year low of $73.55 and a one year high of $106.50. The stock has a 50-day moving average of $86.32 and a 200-day moving average of $93.21. The company has a market cap of $4.993 billion and a P/E ratio of 27.56.
Covance (NYSE:CVD) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.90. The company had revenue of $620.10 million for the quarter, compared to the consensus estimate of $632.01 million. During the same quarter in the previous year, the company posted $0.75 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that Covance will post $3.83 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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