Quintiles (Q) PT Raised to $81 at Jefferies; Reiterates Hold
Jefferies raised its price target on Quintiles (NYSE: Q) to $81.00 (from $78.00) while maintaining a Hold rating. In-line revenue was helped by ~1% inorganic contribution. Organic revenue growth was 0.7% and Integrated Engagement was above expectations. Guidance now implies 2H revenue growth of 8.0% YoY, up from 0.3% in 1H17.
During the call, management reiterated the strategy to utilize fixed pricing for certain RFPs. Q is pitching its data and analytics and putting its margin where its mouth is in situations where management believes the data can improve timelines.