IQVIA Holdings (IQV) PT Raised to $273 as Jefferies Sees 2021 EPS Conservative
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Rating Summary:
19 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Jefferies analyst David Windley raised the price target on IQVIA Holdings (NYSE: IQV) to $273.00 (from $259.00) after 1Q results beat expectations on virtually every KPI. Revs beat by 8%, EBITDA by 12%, and EPS by 18%; bookings were 11% ahead, and NTM backlog of ~$6.5B was +7% ahead. FCF conversion was 169% of adj NI.
The analyst reiterated a Buy rating, stating "COVID Work Makes '22 Consensus Expectations Look Conservative. COVID bookings comprised 15% of total bookings in FY20, and are converting more readily into revenue (burn rate jumped to 8.3%). We estimate $310-375M, or 11-14% of consolidated growth came from COVID, doubling the growth rate in TAS and RDS. We see further upside to FY21 guidance (mgt has not factored COVID work into 2H for TAS). Guidance implies that burn rate falls to a ~7.3% average in 2Q-4Q, which just seems too conservative."
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