Bear Stearns ups PPDI to outperform

Pharmaceutical Product Development, Inc. (PPDI) was upgraded to outperform from peer perform by Bear Stearns analyst Stephen Unger after the company reported strong third-quarter 2006 results, including earnings per share of $0.31, in line with Bear Stearns' model and the Street. The company recorded research and development expenses of $1.9 million, compared with $2.0 million for the same quarter in 2005. Total revenues were up 21% at $290 million. Shares of the Wilmington, N.C.-based pharmaceutical company were down $1.12, or 3.04%, at $35.68. (Nasdaq: PPDI)

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