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Fly News Breaks for October 26, 2018
ICLR
Oct 26, 2018 | 10:11 EDT
As previously reported, Evercore ISI analyst Ross Muken upgraded Icon to Outperform from In Line, stating that his prior concerns of an uptick in biopharma M&A, notably among the company's largest customers, clearly hasn't played out. With that fear likely de-risked, he said he can turn back to fundamentals, "which are pretty awesome." CRO industry growth remains in the mid-single digits and he expects Icon to grow above this rate, Muken tells investors. However, he lowered his price target on Icon shares to $156 from $161.
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