UPDATE: Stifel Reiterates Buy Rating, Lowers PT on ICF International Following Solid 3Q Revenue/EPS

In a report published Friday, Stifel analyst William Loomis reiterated a Buy rating on

, but lowered the price target from $47.00 to $44.00. In the report, Stifel noted, “ICF International reported 3Q revenue and EPS ahead of our estimate and had strong contract awards. The company raised revenue guidance to reflect two months of the Olson acquisition (otherwise unchanged) and left EPS guidance unchanged. Excluding deal costs and amortization, Olson would have added $0.08 in EPS to 4Q14. We reiterate our Buy rating on ICFI shares as the quarter supports our thesis of strong commercial, international and state and local growth driving higher margins, while federal revenues have likely bottomed based on strong awards.” ICF International closed on Thursday at $36.64.