Iqvia downgraded to Neutral from Outperform at Baird

Baird downgraded Iqvia to Neutral from Outperform with a price target of $202, down from $248. The analyst says “differentiated” enterprise growth seems unlikely before 2025. When striping out “countless headwinds” like COVID, pass-throughs, currency and interest expense, Iqvia’s core business “is undeniably healthier than face value,” the analyst tells investors in a research note. However, “risks and debates are much, much broader than other investments available,” says the firm. Baird notes the Street “doesn’t value stocks on level of complexity, and it doesn’t hand out hall passes freely.”