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UPDATE: Deutsche Bank Reiterates On Quintiles Transnational On Mixed Factors

Dwight Einhorn

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Quintiles Transnational (NYSE: Q), and raised the price target from $54.00 to $57.00.

In the report, Deutsche Bank noted, “Quintiles reported Q2 results that beat expectations, but non-op items and bookings weighed on shares. EPS of $0.65 beat our estimate and consensus of $0.62 and $0.61, respectively. Relative to our forecast, 1.5c was from better than expected operating margins and 1.5c from investment gains, with FX a tailwind to ops. Total book to bill was 1.19x, benefiting from strength in IHS at 1.42x but offset by PDEV at 1.11x. PDEV was impacted by higher than normal cancellations, with new business down slightly y/y. Management raised 2014 EPS guidance to $2.57 - $2.67, an increase of 11c at the midpoint. We maintain our Hold rating on Q shares on valuation.”

Quintiles Transnational closed on Thursday at $54.93.

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