Jefferies Raises Price Target on ICON plc (ICLR) to $87.50; Reiterates Hold
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Jefferies reiterated a Hold rating on ICON plc (NASDAQ: ICLR), and raised the price target to $87.50 (from $80.00), following the company's 3Q. Revenue grew ~15.7% in 3Q and ~11.8% YTD. SG&A has remained flat for 6 quarters and has declined 140 bps as a percentage of revenue. ICLR also announced CEO Murray will transition to Chairman of the Board. COO Cutler will become CEO, effective March 2017.
Analyst David Windley commented, "In short, in-line results were better than feared. ICLR provided needed clarity on FY17 PFE expectations, including PFE. 3Q results provided in-line revenue, a $0.01 EPS beat, and solid bookings (1.21x). Organic revenue growth will still be challenging in FY17, but could return to mid-to-high single digits in FY18. We remain at HOLD, but raise our PT to $87.50."
Shares of ICON plc closed at $84.73 yesterday.
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