These Analysts Boost Their Forecasts On IQVIA After Better-Than-Expected Earnings

Author: Avi Kapoor | July 23, 2024 09:51am

IQVIA Holdings Inc (NASDAQ:IQV) posted better-than-expected second-quarter earnings on Monday.

IQVIA reported a second adjusted EPS of $2.64, up from $2.43, beating the consensus of $2.57. Provider of advanced analytics reported sales of $3.81 billion, beating the consensus of $3.79 billion, according to data from Benzinga Pro.

Technology & Analytics Solutions (TAS) revenue of $1.5 billion increased 2.7% on a reported basis and 3.8% at constant currency. Research & Development Solutions (R&DS) revenue reached $2.15 billion, increasing 2.4% on a reported basis and 3.3% at constant currency.

"IQVIA delivered second-quarter results at the high-end of our guidance, driven mainly by better-than-expected TAS performance," stated Ari Bousbib, chairman and CEO of IQVIA.

IQVIA said it expects 2024 revenues of $15.43 billion—$15.53 billion, compared to prior guidance of $15.33 billion—$15.58 billion and a consensus of $15.46 billion. IQVIA expects 2024 adjusted EPS of $11.10-$11.30 compared to prior guidance of $10.95-$11.25 and consensus of $11.08.

IQVIA shares closed at $245.23 on Monday.

These analysts made changes to their price targets on IQVIA following the announcement.

• Baird analyst Eric Coldwell maintained IQVIA with a Neutral rating and raised the price target from $235 to $251.
• Barclays analyst Luke Sergott maintained the stock with an Overweight rating and increased the price target from $255 to $275.
• Evercore ISI Group analyst Elizabeth Anderson maintained IQVIA with an Outperform and raised the price target from $230 to $270.

Read More:

• How To Earn $500 A Month From Alphabet Stock Ahead Of Q2 Earnings Report

Posted In: IQV