Wells Fargo Upgrades ICON plc (ICLR) to Outperform; Revenue Ramping

Wells Fargo upgraded ICON plc (NASDAQ: ICLR) from Market Perform to Outperform, price target range raised from $21-22 to $28-30.

Analyst, Tim Evans, said, "With revenue ramping in-line with management's goals, bookings well ahead of our expectations, and substantial SG&A leverage, 2013 margin targets that once looked extremely aggressive suddenly seem achievable and position the company to exceed Street expectations."

Evans sees ICLR's dynamics following closely to PAREXEL (Nasdaq: PRXL), but lagging by one quarter. (PRXL's margin troughed in June; ICLR's in September)

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 $22.40 yesterday.

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