Jefferies Reiterates Buy Rating, $32 PT on ICON plc on Clinical Trial Staffing Acquisition

In a report published Monday, Jefferies reiterated its Buy rating and $32.00 price target on ICON plc (NASDAQ: ICLR).Jefferies noted, “ICON has entered into an agreement to buy Cross Country Healthcare's (CCRN, $5.60, NC) clinical trial segment. For the nine-months ending September 30, 2012 the segment generated $51.2M in revenue and a 8.7% contribution margin. In 2011, it generated $64.6M and a 10.1% contribution margin. Approximately 93% of its revenue is derived from clinical trial staffing (~100 recruiters) with the rest from drug safety monitoring and regulatory compliance advisory.”ICON plc closed on Friday at $29.30.