Jefferies keeps Cephalon at hold

Cephalon was reiterated at hold with a $45 price target by Jefferies & Co. Inc. analysts David Windley and Himanshu Rastogi after the company announced third-quarter earnings of $0.78, beating Jefferies' estimate by $0.04. Operating expenses were lower than forecast, but so were the performances of Provigil, Actiq and Gabitril. Windley and Rastogi lowered the 2006 earnings-per-share estimate to $3.03 from $3.20 assuming an absence of generic competition to Provigil and no approval of OVF. Shares of the Frazer, Pa.-based pharmaceutical were up $0.71, or 1.57%, at $45.88 on volume of 1,999,517 shares versus the three-month running average of 1,478,170 shares.

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