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Fly News Breaks for May 12, 2016
IMS, Q
May 12, 2016 | 05:43 EDT
Wells Fargo analyst Tim Evans downgraded Quintiles (Q) to Market Perform saying recent checks with pharma contacts have cast doubt on the strategic rationale on the company's merger with IMS Health (IMS). Further, the analyst believes the SEC will likely not permit the combined company to use cash tax reporting, which he estimates would create 3% dilution in 2017 rather than 5% accretion using cash taxes. Evans cut his price target range for Quintiles shares to $66-$70 from $73-$75.
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