UPDATE: Credit Suisse Initiates Coverage on ICON plc with Outperform Rating, $55 PT as Momentum is Poised to Continue

In a report published Thursday, Credit Suisse analyst Jeffrey Bailin initiated coverage on

with an Outperform rating and $55.00 price target. In the report, Credit Suisse noted, “We are initiating coverage of ICON plc with an Outperform rating and a $55 target price. ICON is a global contract research organization (CRO) that provides outsourced services to support all stages of the clinical development process for biopharmaceutical manufacturers. Shares have outperformed over the last two years, benefitting from strong revenue growth and rebounding margins. We remain comfortable that the company is positioned to continue its momentum and post healthy earnings growth, supporting a premium valuation consistent with leading clinical peers.” ICON plc closed on Wednesday at $45.16.