Truist Cuts IQVIA Target to $274, Sees 65% Upside; TD Cowen Lowers to $174
Truist Financial reaffirmed its Buy rating for IQVIA, trimming its 2026 price target from $290 to $274 while still implying more than 65% upside. TD Cowen kept a Hold rating but slashed its target to $174 after adjusting forward EBITDA multiples to 13x and factoring in near-term AI-related uncertainties.
1. Truist Financial Revises Price Target
On February 19, Truist Financial reiterated its Buy rating on IQVIA and trimmed its price target from $290 to $274. The firm adjusted its valuation model by reducing its forward EBITDA multiple from 14x to 13x while retaining an implied upside exceeding 65%.
2. TD Cowen Holds Rating, Cuts Target
On February 17, TD Cowen reaffirmed a Hold rating and lowered its price target from $245 to $174. The research team cited long-term AI uncertainties in the clinical research outsourcing segment as a key factor driving the revision.
3. AI Uncertainty and Multiples Impact
Both firms incorporated near-term AI-related uncertainties into their updated models, reducing projected EBITDA multiples and reflecting cautious sentiment on the technology’s impact on contract research services. The mixed analyst views underline diverging expectations for IQVIA’s growth trajectory over the next several quarters.
4. Company Operations and Growth Drivers
IQVIA delivers clinical research services and advanced analytics across the global healthcare sector, offering end-to-end trial support and cloud-based commercial solutions. Investors will watch how AI integration and regulatory trends shape its service offerings and margin profile in 2026.