ICLR - ICON upgraded to buy at BofA on core growth deal synergies

• BofA Securities has upgraded contract research organization ICON plc ( ICON ) to buy from neutral citing the integration of PRA Health Sciences and confidence in core growth.
• The firm lowered its price target to $260 from $265 (~33% upside based on Tuesday's close).
• Analyst Derik de Bruin said that ICON ( NASDAQ: ICLR ) is rapidly deleveraging, biotech financing concerns are easing, and it current valuation indicates it trades at a discount to peers.
• "With the [PRA Health] deal annualized, comps from COVID  work fading, a more attractive valuation, and solid late-stage CRO fundamentals, we are more confident in ICLR’s ability to deliver on their deal targets.," he wrote.
• Seeking Alpha's Quant Rating views ICON ( ICLR ) as a hold with strong marks for profitability and growth .

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