Jefferies maintains Connetics hold

Connetics was maintained at hold by Jefferies and Co. Inc. analysts David Windley and Himanshu Rastogi, who lowered the price target to $15 from $17 after the company announced soft third-quarter results. Earnings per share of $0.39 beating Jefferies' estimate of $0.22, but the analysts said they consider Connetics' valuation to be near its bottom. Margin was under estimate at 17.9% and management increased guidance for research and development and operating expenses. Shares of the Palo Alto, Calif.-based pharmaceutical company were down $0.25, or 1.95%, at $12.60 on volume of 1,656,469 shares versus the three-month running average of 514,747 shares.

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