Covance reiterated at buy by Jefferies

Jefferies & Co., Inc. analyst David Windley reiterated Covance, Inc. at a buy with a $64 price target. The company's results were above consensus but fell short of expectations. Covance reported first-quarter earnings per share of $0.52, or 3 cents above Jefferies' estimate. Revenues of $320.5 million were below the analyst's forecast of $322.1 million and $7 million lower than consensus. Shares of the Princeton, N.J., drug development services company were up 35 cents, or 0.60%, at $58.35 on volume of 603,700 shares versus the three-month running average of 440,613 shares. (NYSE: CVD)

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