Jefferies boosts Cephalon to buy

Cephalon Inc. was upgraded to a buy rating and an $85 price target by Jefferies & Co., Inc. analyst David Windley. Cephalon reported pro forma earnings per share of $0.71, six cents higher than the analyst's $0.65 forecast but lower than consensus. Jefferies raised its 2006 and 2007 estimates to $3.20 and $4.01 (diluted). Shares of the Frazer, Pa., biopharmaceutical company were up $2.37, or 3.30%, at $74.12 on volume of 6,044,266 shares versus the three-month running average of 2,496,030 shares. (Nasdaq: CEPH)

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