As previously reported, Jefferies upgraded Medpace to Buy from Hold with a price target of $450, up from $340. Medpace beat EPS expectations by 30% and two-thirds of that was on higher EBITDA as margin was much higher than expected on marginable revenue and the mix of 0%-margin pass-through revenue was lower than expected, the analyst tells investors. Despite substantial biotech funding turbulence over the last two or so years, Medpace has consistently raised guidance and delivered industry-leading growth as it has gained share while maintaining selectivity, the analyst added.