Icon price target raised to $240 from $170 at Evercore ISI

Evercore ISI raised the firm’s price target on Icon (ICLR) to $240 from $170 and keeps an Outperform rating on the shares. The company provided a further set of data points that the cycle is inflecting, and while it may not be all smooth sailing from here, the above-expectations BtB in Q2 as well as revenue improvement should help provide a significant dose of comfort in the improving demand environment, the analyst tells investors in a research note. The firm added that this demand environment seems similarly broad-based to comments earlier this week, benefitting form stable pharma, improved biotech, higher cardio-metabolic, aided as well by Icon’s share gains.