UPDATE: Stephens Upgrades IQVIA Holdings (IQV) to Overweight, Street High PT, 'Expect Positive Reports'
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(Updated - April 16, 2021 6:39 AM EDT)
Stephens analyst Scott Schoenhaus upgraded IQVIA Holdings (NYSE: IQV) from Equal Weight to Overweight, PT $250.00 (from $180.00).
The analyst comments "We are adjusting our estimates for our Healthcare IT group heading into 1Q21 earnings season as well as upgrading shares of IQV to Overweight (Vol.) from Equal-Weight (Vol.). We believe near-term demand for products & services among our HCIT universe has accelerated as companies pivot into post-COVID environments, focusing on cost efficiencies and growing data-driven solutions. Importantly, we believe HCIT companies that have been accumulating data are in the process of better monetizing this data. We continue to expect near- and longer-term themes of 1) increased adoption for digital & telehealth platforms 2) improvements in healthcare end markets and 3) ongoing M&A. Valuation multiples have compressed since the start of the year with higher growth names more negatively impacted since February. That said, we see plenty of runway left for most of our names in the next 12 months given ongoing secular tailwinds in HCIT."
Shares of IQVIA Holdings closed at $214.13 yesterday.
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