UPDATE: Jefferies Raises PT to $24 on ICON; Solid Qtr

Jefferies increases its price target from $18.50 to $24 on Hold-rated ICON ICLR following solid results, but reiterates Hold on shares as it sees no need to chase the stock currently. Jefferies notes, "ICLR's strong bookings are creating a backlog trajectory that begins to look more like that of faster growing peers and supports longterm, double-digit revenue growth. Margin also recovered impressively in the quarter. However, management did not raise 2012 revenue and gave several reasons for that. We are lowering our 2012 EPS on the higher tax rate." ICLR closed at $20.95 on Monday.