Jefferies cuts SFBC to hold, lowers target

SFBC International was downgraded by Jefferies & Co. Inc. analyst David Windley to a hold rating and a targeted price of $25 to $27. Recent allegations about the way the company conducts drug trials has caused a sell-off and will likely keep a short-term lid on the stock. Management credibility needs to be rebuilt with more decisive action, and Merrill Lynch said it is concerned that new business signings now may slow. Shares of the Miami drug-development services company were down $1.25, or 5.21%, at $22.73 on volume of 3,514,724 shares versus the three-month running average of 614,854 shares.

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