Jefferies Aggressively Boosts PT on ICON plc (ICLR); Positive on CRO Revenue Growth

March 12, 2013 7:38 AM EDT
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Price: $82.09 --0%

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    10 Buy, 9 Hold, 0 Sell

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Jefferies boosted its price target on Buy-rated ICON plc (NASDAQ: ICLR) from $33.50 to $38 citing see ample untapped opportunity for CRO revenue growth over a 5-yr horizon.

The firm's proprietary survey shows that sponsors expect: "1) R&D spending to return to growth; 2) outsourcing penetration to continue to rise; 3) strategic deals to grow in importance to sponsor R&D strategies; and 4) more balanced spending across the R&D continuum"

In addition to ICON plc, the firm likes Charles River Laboratories (NYSE: CRL) and WuXi PharmaTech Inc. (NYSE: WX).

The firm also raised their price target on Hold-rated PAREXAL (NASDAQ: PRXL) from $31 to $36.

For an analyst ratings summary and ratings history on ICON plc click here. For more ratings news on ICON plc click here.

Shares of ICON plc closed at $31.74 yesterday.

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