Raymond James Reiterates ICF International (ICFI) Outperform Rating

Raymond James analysts Brian Gesuale and Matt Bugarin reiterated their Outperform rating and price target of $30 for shares of ICF International, Inc. (Nasdaq: ICFI).

The analysts pointed out that ICF International beat analysts' estimates with 4th quarter 2009 EPS of 37 cents, compared to the average Wall Street estimate 31 cents per share.

ICF International also beat analysts' revenue estimates with 4th quarter 2009 revenues coming in at $174 million, $6 million more than the average Wall Street estimate.

The Raymond James analysts wrote, "our 2010 EPS estimate remains at $1.44 and we are initiating 2011 EPS at $1.66. We continue to believe ICF is one of the best ways to gain exposure to increased health care/environment emphasis and an improving economic backdrop in the government services space. Given this positioning and the significant margin expansion opportunities sitting in front of the company, we believe ICF’s premium multiple is deserved."