UPDATE: UBS Upgrades ICON plc (ICLR) to Buy
- Technology stocks lead S&P 500, Dow to record highs
- Thermo Fisher Scientific (TMO) to Acquire PPD, Inc. (PPD) for $47.50/sh, $17.4 Billion
- U.S. retail sales post largest gain in 10 months; weekly jobless claims fall
- Dell (DELL) Gains on Spin-Off of its 81% Stake in VMware (VMW), Analysts Bulled-Up as It Could Unlock $20 Per Share of Value for DELL
- Cathie Wood's ARK Buys 750K Shares of Coinbase (COIN), Sells 240K Shares of Tesla (TSLA)
UBS analyst Dan Brennan upgraded ICON plc (NASDAQ: ICLR) from Neutral to Buy with a price target of $232.00 (from $207.00).
The analyst comments "CLR's $12B deal to acquire clinical peer PRAH looks to have many attractive features, most notably taking advantage of ICLR's strong balance sheet, low tax rate and receptive financing markets to create meaningful financial accretion. Though the market may be skeptical of the strategic benefits of large CRO M&A, we believe the deal creates a stronger company across numerous fronts and expect ICLR's management team, who has been interested in larger M&A for some time, is well prepared to execute the deal. With greater scale, enhanced capabilities & a more attractive growth profile (~30% EPS accretion by 2024; ~21% 4 year EPS CAGR), we upgrade to Buy noting too that the recent decline in the shares (-13% since the deal announcement) provides an attractive opportunity."
Shares of ICON plc closed at $180.68 yesterday.
You May Also Be Interested In
- Stellantis NV (STLA:FP) PT Raised to EUR17.50 at Morgan Stanley
- Regis Resources Ltd. (RRL:AU) (RGRNF) PT Lowered to AUD4.01 at CIMB
- Taiwan Paiho Ltd (9938:TT) PT Raised to NT$100 at Daiwa Securities
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesUBS, Definitive Agreement
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!