Noble Financial reaffirmed ICF International (Nasdaq: ICFI) a Hold following Q4 results and outlook reported Monday night.

Analyst Mark Jordan noted the following from the release:

• Acquisitions in 2014 have had a muted impact. Non-GAAP earnings, which adds back amortization charges, in 2015 did not materially benefit from $347 million of 2014 acquisitions.
• Good contract flow supports single digit 2016 growth. ICF had a 1.17x book-to-bill in 2015 and ended the year with funded backlog of a healthy $792 million (67.1% of estimated 2016 revenues).
• Estimates for 2016. We expect 2016 revenues to increase 4.2% to $1.18 billion and non-GAAP earnings to rise 9.9% to $2.90 per share. Management's initial EPS guidance was about 4% below street expectations.
• Rating remains Hold. While we have a positive view on ICF's outlook, the upside we expect in the shares does not justify a higher rating

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