Jefferies reiterates PPDI at buy, $67 target

Pharmaceutical Product Development Inc. was reiterated by Jefferies & Co. Inc. analyst David Windley at a buy rating and a $67 price target after the company held a conference call to update guidance, reconfirming a strong outlook. Management is delivering on key objectives of 15% to 20% revenue growth, 50% gross margin and 20% operating margin, Jefferies said. The discovery business could expand with the addition of another partnered compound in 2006. Shares of the Wilmington, N.C., pharmaceutical company were up 37 cents, or 0.61%, at $61.36 on volume of 399,682 shares versus the three-month running average of 403,182 shares.

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