ICF International upgraded to Buy from Hold at Canaccord

Canaccord upgraded ICF International (ICFI) to Buy from Hold with a price target of $115, up from $90, following a transfer of coverage. The company saw “major setbacks” in 2025 as 43% of its sales are tied to the U.S. federal government, the analyst tells investors in a research note. Canaccord believes the value of ICF’s “resilient franchise” is being “obscured by cyclical rather than structural challenges.” The firm says the company “delivers value across the full life cycle of policies, programs, projects, and initiatives for a diverse client base.” It thinks ICF is set for continued strong demand as governments and businesses “face evolving challenges.”