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Fly News Breaks for September 23, 2019
Sep 23, 2019 | 07:13 EDT
As previously reported, KeyBanc analyst Donald Hooker downgraded Icon PLC to Sector Weight from Overweight and removed his previous $165 price target on the shares. Driven by what he views as a "very strong" biopharma outsourcing environment, Hooker forecasts about 8% total revenue growth for Icon in 2020 and 2021. However, this would be down from recent growth levels, noted Hooker, who sees the current valuation for the stock as "full." He cites Icon's high mix of mature "large pharma" clients, a pending contract renewal with Pfizer (PFE), and slowing trends in its functional service provider business as reasons for his belief that growth will not continue accelerating.