Jefferies raises PPDI target to $67

Pharmaceutical Product Development Inc. was reiterated by Jefferies & Co. Inc. analyst David Windley at a buy rating with a raised price target of $67 from $64. Jefferies said it expects the stock to trade up on the solid 2006 earnings per share guidance. The company said it expects 2006 revenue of $1.125 billion to $1.14 billion and earnings per share of $2.67 to $2.75 a share. Shares of the Wilmington, N.C., drug discovery and development services company were up $1.81, or 3.06%, at $60.99 on volume of 1,082,296 shares versus the three-month running average of 391,429 shares.

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