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Jefferies Ups Kendle to Buy

From Standard & Poor's Equity Research

Jefferies upgrades Kendle (KNDL) to buy from hold.

Analyst David Windley says Kendle announced closure of its CRL Phase II-IV operations acquisition on Aug. 16. Windley says the acquisition expands Kendles's therapeutic capabilities, and further diversifies its client base. The analyst thinks it vaults Kendle to a higher revenue tier, which should enable further margin leverage after smoothing integration wrinkles. Windley expects updated guidance on combined operations in the coming weeks that should provide some assurance to investors, and help the stock recoup its multiple. Windley raises a $31 stock price target to $32.

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