QuintilesIMS’ Third-Quarter Results and Integration Track Expectations; Shares Undervalued
Given that QuintilesIMS’ third-quarter results largely fell in line with our expectations, we do not anticipate changing our $90 per share fair value estimate. With the merger of Quintiles and IMS Health formally closed in the beginning of October, combined results will be reported in new segments starting in the fourth quarter. In our view, shares continue to look undervalued. We suspect the market is skeptical on whether the cost and revenue synergies from the behemoth merger will fully materi...
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