IQVIA Earnings: Cautious Client Spending Affects Commercial Segment; Lowering Fair Value Estimate to $250

IQVIA reported second-quarter results highlighted by revenue of $3.7 billion, representing a 5.3% increase versus the prior year. Continued client cautiousness due to uncertain macroeconomic conditions has affected sales for IQVIA's technology and analytics segment and contract sales and medical solutions segment. As a result, management trimmed its 2023 outlook, and we lowered our fair value estimate to $250 per share from $268 to reflect reduced discretionary spending in the near term. The stock is currently trading in 4-star territory about 12% below our fair value estimate.