Iqvia initiated with an Outperform at Cowen

Cowen analyst Charles Rhyee initiated coverage of Iqvia with an Outperform rating and $251 price target. The analyst sees "multiple drivers of multiple expansion and share price outperformance" for Iqvia, including an expanding total addressable market, better appreciation of its TAS segment, increased capital deployment, and a "more defensive/resilient performance in more recessionary environments." He believes concerns for weaker biotech funding and macro headwinds are overdone.