UPDATE: Jefferies Upgrades ICON to Buy on Management Confidence

Jefferies raised its rating on ICON

from Hold to Buy and increased its price target from $24 to $29. Jefferies commented, "ICON management expressed confidence in the near- to intermediate-term outlook during our meetings with them last week. Revenue will step up sequentially in 2H12 with Pfizer, as well as other clients, contributing. Utilization, and thus margin, should improve simultaneously. We raise our 2013 EPS by 6% with higher conviction on Clinical growth. Management will provide '13 guidance on the 3Q call...next catalyst." ICON closed at $24.04 on Friday.