Icon initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Icon with a Buy rating and $370 price target. The analyst initiated coverage of the contract research organizations sector, believing the industry represents an undervalued approach to gain exposure to a potential recovery in large pharma and emerging biotech spend. With singular focus on the clinical space, Icon represents one of the “cleaner growth stories in the CRO sector,” the analyst tells investors in a research note.