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Jefferies puts Kendle at buy
Kendle International Inc. was reiterated at a buy rating by Jefferies & Co., Inc. analyst David Windley. Jefferies raised its price target to $32.50 from $28.00. Management provided 2006 guidance that "easily surpassed" the analyst's estimates. While the company's fourth-quarter 2005 GAAP earnings per share of $0.25 beat Jefferies' estimate of $0.24, sales of $52.8 million missed the analyst's estimate of $54 million. Consensus estimates were $0.26 and $54.2 million. Shares of the Cincinnati pharmaceutical company were down 15 cents, or 0.51%, at $28.99 on volume of 293,752 shares versus the three-month running average of 111,908 shares. (Nasdaq: KNDL)
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