UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on ICON plc

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on ICON plc

, and raised its price target from $29.00 to $32.00. Jefferies noted, “ICON's investor day focused on the competitive differentiation and margin leverage that should come from recent technology and informatics investments. With robust backlog growth, management's revenue outlook for 2013 appears conservative. Nonetheless, efficiency improvements, utilization, and centralized support should drive considerable margin improvement, likely to the 10%+ level before 2013 is over.” ICON plc closed on Tuesday at $27.66.