EBS - IQVIA Holdings: Upside Potential Key Levers Overlooked By Sell-Side

• IQVIA demonstrates a strong sequential growth pattern, in near recovery to pre-pandemic volumes.
• Management have reinstated the buyback program, with ~$1 billion in authorization, and look set on acquisition targeting across FY2021.
• We feel shares are worth ~$197 at this point, and believe a December 2021 price target of $239 is not unreasonable at the current run rate.
• Investors should pay close attention to the AZN/ALXN transaction to observe any inflection on IQVIA's chart performance.
• Here, we cover all of the moving parts in the investment debate for the benefit of investors in their own reasoning.

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