ICON reiterated at buy by Jefferies

Jefferies & Co., Inc. analyst David Windley reiterated ICON plc at buy, raising its price target to $60. The company is improving new business and accelerating its central lab trend toward a breakeven mark. ICON reported first-quarter earnings per share of $0.52 on net revenue of $98.5 million, compared with the analyst's estimate $0.52 on $92.7 million. Management raised its forecast for 2006 to $2.35 to $2.45 on $395 million to $410 million of revenue, from $2.20 to $2.30 on $380 million to $400 million of revenue. Shares of the Dublin, Ireland, contract research organization were up $1.14, or 2.09%, at $55.65 on volume of 65,878 shares versus the three-month running average of 32,431 shares. (Nasdaq: ICLR)

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