Iqvia downgraded to Neutral at Guggenheim on valuation

Guggenheim downgraded Iqvia to Neutral from Buy with no price target, “largely on valuation” after the stock rose 13% post the company’s Q4 earnings report. While the firm thinks the fundamental outlook for the business is improving and the 2024 guidance is “reasonable,” it finds it hard to justify a price target up 20% from here “without stretching our model,” noting that it raised its own FY25 EPS estimate by about 4% following the Q4 report.