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Bear Stearns Cuts Inveresk Research to 'Peer Perform'


Bear Stearns downgraded Inveresk Research (IRGI) to peer perform from outperform.

Analyst Stephan Unger says Inveresk achieved his $19 target. He says the stock has risen 27% since Inveresk reported generally in-line first-quarter results on April 30. This is likely due to broader market advancement and the company's expected inclusion in the Russell 2000 index, he says.

While Inveresk's Montreal preclinical operations appear to have improved, Unger says he doesn't see big upside potential to his $60.3 million revenue and $15.2 million EBITDA second-quarter estimates. Without meaningful advancement in drug stocks (of which the pharmaceutical services group is highly correlated), he sees minimal potential for a near-term price rise.

Unger thinks the current fair value is near $17, which is 15 times the forward earnings per share estimate of $1.14.


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