Jefferies cuts SFBC's price target to $35

SFBC International, Inc. was maintained by Jefferies & Co. Inc. at a buy rating with a reduced price target of $35 from $46 after third-quarter results showed weak new business. Also, recent negative press led to a massive sell-off of the stock Thursday, which was a loud vote of low confidence, Jefferies said. Transparency has been poor, causing explainable, but unusual, moves in margins and tax rate to produce exacerbated reactions. Shares of the Miami drug development services company were up $0.54, or 1.93%, at $28.45 on volume of 2,501,056 shares versus the three-month running average of 314,636 shares.

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