Jefferies maintains PDI at hold rating

PDI, Inc. was maintained by Jefferies & Co. Inc. at a hold rating with a $12 price target after PDI reported weaker- than-expected third-quarter losses, in-line revenue and higher costs than anticipated. Jefferies said the newly named CEO is taking a hard look at cost-cutting opportunities, including terminating unprofitable businesses, but those benefits aren't likely to show until 2006. PDI's long downward slide makes it vulnerable in competitive bidding situations. Shares of the Saddle Ridge, N.J. biopharmaceutical sales and marketing company were down $0.66, or 4.81%, at $13.08 on volume of 217,550 shares versus the three-month running average of 54,013.6 shares.

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