Charles Rhyee, an analyst from TD Cowen, reiterated the Buy rating on IQVIA Holdings (IQV – Research Report). The associated price target is $270.00.
Charles Rhyee has given his Buy rating due to a combination of factors concerning IQVIA Holdings’ performance and prospects. The rating is anchored on the improvement in underlying fundamentals, particularly within the Technology & Analytics Services (TAS) sector, where there’s been a record high in the pipeline and a sequential uplift in discretionary businesses in the fourth quarter of 2023. Furthermore, the Research & Development Solutions (RDS) remains robust with a strong book-to-bill ratio, notably within the Evidence-Based Programs (EBP), signaling a potential for outperformance in the future.
Rhyee’s optimism also stems from the resilience observed in the TAS segment, where despite client cautiousness, there are signs of recovery and an expectation for demand to pick up, particularly in the second half of 2024. Additionally, the steady RDS segment, indicated by substantial net new bookings and a favorable Request for Proposals (RFP) environment, reinforces the positive outlook. The company’s strategic emphasis on expanding its market share in EBP, coupled with a stable margin impact from Functional Service Provider (FSP) offerings despite a gradual mix shift, further justifies the Buy rating bestowed upon IQVIA Holdings.
In another report released yesterday, Barclays also assigned a Buy rating to the stock with a $265.00 price target.
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IQVIA Holdings (IQV) Company Description:
North Carolina-based IQVIA Holdings, Inc. provides advanced analytics, technology solutions, and contract research services to the life sciences industry. The company operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions.
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