TD Cowen has cut its price objective on IQVIA Holdings (NYSE:IQV) from $245 to $174 but maintained a Hold rating on the shares, according to the firms latest update. The stock was trading at $163.97, reflecting an 8.5% drop over the prior week and a roughly 26% decline year-to-date.
The analyst revision follows IQVIAs fourth-quarter 2025 financial report and the company's guidance for 2026. TD Cowen now projects adjusted earnings per share of $12.75 for fiscal 2026, a figure that sits within IQVIAs stated guidance range of $12.55 to $12.85. That estimate is closely aligned with the consensus analyst EPS forecast of $12.78 for the year, though data cited by InvestingPro indicates 10 analysts have recently lowered their earnings expectations for the company.
In explaining the change, TD Cowen highlighted risks related to artificial intelligence for the contract research organization (CRO) sector. The firm said those AI-related impacts are likely to manifest over an extended timeline and that the ultimate effect on CROs remains uncertain. Given that uncertainty, TD Cowen said it is appropriate to include a degree of AI-related risk in its valuation assumptions. The adjusted $174 price target corresponds to a multiple of roughly 13 to 14 times the firm's 2026 earnings estimate.
TD Cowen retained its Hold rating despite trimming the price target.
IQVIA's reported fourth-quarter 2025 results showed earnings per share of $3.42, narrowly outpacing expectations of $3.40. Revenue for the quarter came in at $4.36 billion versus the $4.24 billion forecast. Those results were positive on the headline metrics even as several sellside analysts have adjusted their own price targets in recent days.
Specifically, BMO Capital lowered its price target to $250 while maintaining an Outperform rating and cited artificial intelligence as a competitive concern. Jefferies trimmed its target to $255, pointing to margin pressures but retaining a Buy rating. Evercore ISI reduced its target to $225 and referenced AI-related concerns alongside short-term confusion about the company's growth rates, while keeping an Outperform rating.
Separately, IQVIA announced a collaboration with the Duke Clinical Research Institute intended to bolster clinical research in obesity and cardiometabolic trials by combining IQVIA's operational capabilities with academic expertise from Duke.
The sequence of analyst target reductions, the modestly lowered valuation multiple implied by TD Cowen's new target, and the firm's explicit incorporation of AI risk together frame the current market view: IQVIA delivered solid near-term operating results but faces longer-horizon uncertainty tied to emerging technologies and near-term margin dynamics. The market reaction to those mixed signals is reflected in recent share-price weakness and multiple analysts moves to pare targets.
Key points
- TD Cowen cut its IQVIA price target to $174 from $245 and kept a Hold rating; the new target implies a 13-14x multiple on its 2026 EPS estimate.
- TD Cowens 2026 adjusted EPS estimate is $12.75, within IQVIAs guidance range of $12.55 to $12.85 and close to the analyst consensus of $12.78; InvestingPro data shows 10 analysts recently trimmed forecasts.
- IQVIA beat Q4 2025 estimates with $3.42 EPS and $4.36 billion revenue; the company also announced a collaboration with the Duke Clinical Research Institute focused on obesity and cardiometabolic trials.
Risks and uncertainties
- Artificial intelligence: TD Cowen flagged AI as a potential long-term risk to the CRO sector; the magnitude and timing of that impact are uncertain and could influence valuations across clinical research services.
- Margin pressure and short-term growth clarity: Other analysts cited margin concerns and short-term confusion about growth rates as reasons for lowering targets, introducing near-term performance uncertainty.
- Analyst revisions: Multiple recent downward revisions in earnings and price targets, as captured by InvestingPro data and specific broker moves, add to investor uncertainty about the stock's near-term trajectory.