Jefferies Raises Price Target on ICON plc (ICLR) to $87.50; Reiterates Hold
- World stocks hold near 16-month highs after strong week
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Oil edges higher on optimism over non-OPEC output cuts
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Sibanye Gold (SBGL) to Acquire Stillwater Mining Company (SWC) in $2.2B Deal
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Raises Price Target on Casey's General Stores (CASY) Following 2Q Earnings Report
- MKM Partners Raises Price Target on Ciena (CIEN) to $30 Following 4Q
- Baird Raises Price Target on Itron (ITRI) to $73 After Meeting with Management
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!