Wells Fargo Downgrades ICF International (ICFI) to Underperform on "Sequestration" impact

Wells Fargo downgraded ICF International (NASDAQ: ICFI) from Market Perform to Underperform and cut its price target from $21-$23 to $16-$18 saying the Sequestration will likely and should impact services relatively more.

The firm comments, "While we have had an Underweight sector rating for Government Services for some time, we now believe that volume/pricing pressure is accelerating and the near-term business interruption from a likely (in our view) "Sequestration" impact should lead to lower results with particular impact on the first and second calendar quarters of 2013, and potentially some impact to the fourth calendar quarter of 2012."

The firm cut FY2013 (December) EPS to $1.81 from $1.90.

For an analyst ratings summary and ratings history on ICF International click here. For more ratings news on ICF International click here.

Shares of ICF International closed at $20.19 yesterday.

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