Iqvia price target lowered to $270 from $275 at RBC Capital

RBC Capital lowered the firm’s price target on Iqvia (IQV) to $270 from $275 and keeps an Outperform rating on the shares. Q3 has been turbulent for CROs, primarily a result of multiple large pharma re-orgs and weaker biopharma spending, but while Iqvia is less reliant on SMid biotechs vs. peers with greater insulation afforded by its broader offering set, the firm is adjusting its estimates for the second half and for FY25 down to reflect these strengthening headwinds, the analyst tells investors in a research note.