ICF selloff since election presents buying opportunity, says Barrington

Shares of ICF International (ICFI) have declined 27% since the U.S. presidential election on November 5, Barrington tells investors in a research note. The firm believes the decline in the share price has been driven in part by the incoming Trump administration’s creation of the Department of Government Efficiency, an outside advisory group that will examine ways to reduce federal government spending and the size of the U.S. government, which has created more “headline risk” as opposed to significant business risk. The firm reiterates an Outperform rating and $174 price target on ICF shares and says the selloff presents a buying opportunity.