Iqvia downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Iqvia (IQV) to Equal Weight from Overweight with a price target of $170, down from $235. The firm moved to the sidelines on the contract research organizations, citing lower confidence around pharma restructurings based on the pharma-specific tariff overhang. The firm considers the potential reaction of further cost-cutting and budget rightsizing from the “looming pharma-specific tariffs yet to be announced.” Pharma can not pass on the tariffs via increased drug pricing, as the Inflation Reduction Act caps Part D price increases at inflation, the analyst tells investors in a research note.