ICON plc (ICLR): Shares in bullish 'flag'

Filed under: Earnings reports, Analyst upgrades and downgrades, Technical Analysis, Stocks to Buy

ICON plc (NASDAQ: ICLR) is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. The company specializes in the strategic development, management and analysis of programs that support clinical development - from compound selection to Phase I-IV clinical studies. ICON teams have successfully conducted over 1,900 development projects and over 2,300 consultancy engagements across all major therapeutic areas. The firm has approximately 6,150 employees, operating from 69 locations in 36 countries.

ICON pleased investors last week, when it reported Q1 EPS of 56 cents and revenues of $201.3 million. Analysts had been expecting 53 cents and $182.1 million. The chairman noted that there had been $369 million in net new business wins in the quarter, representing a book-to-bill ratio of 1.8. Management also guided FY08 EPS to $2.35-$2.45 ($2.37 consensus) and FY08 revenues to $840-$860 million ($788.29M consensus). Jefferies and Lehman Brothers subsequently reiterated "buy" ratings on the shares.

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