Jefferies ups ICON price target

ICON plc was reiterated at a buy with an increased price target of $42 by Jefferies & Co., Inc. analyst David Windley on news of the company's backlog of $815 million and net bookings up 29% year over year. Windley estimates revenue growth of about 20% and earnings per share growth of about 30% in calendar year 2007. ICON reported earnings per share of $0.35 on $120.7 million in revenue, compared with Jefferies' estimate of $0.33 on $109.9 million and consensus of $0.34 on $109.6 million. Shares of the Dublin, Ireland-based contract research organization were up 4 cents, or 0.11%, at $35.99. (Nasdaq: ICLR)

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