CATALYSTYahoo Finance • 22h ago
ICON (ICLR) Could Be 15% Overvalued After Record Wins And Fresh BuybackYahoo Finance report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
Why ICLR Stock dropped -2.94% Today — RQD Quant Desk Flash
$205.14 -2.94% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot)
EXT / AFTER-HRS: $204.55
ICON plc (ICLR) earns a Roarable Rating of B (Buy) with 72/100 RQD Confidence. High-quality cash engine (steady margins, 3% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.
ROARABLE B • BUY
Cap $16.18B
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Is ICLR stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
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As of 2026-11-03, ICON plc (NASDAQ: ICLR) is rated B (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 72/100 at a spot price of $205.14 (-2.94% 1D, market cap $16.18B). Pillar breakdown: Fundamental Cash Engine 12/20, Institutional 13F & Options Flow 19/20, SEC Balance-Sheet Forensics 14/20, FRED Macro Regime Fit 16/20, and Executive Insider Alignment 11/20. Across 1015 tracked Health Care issuers, ICLR ranks #56 in composite RQD confidence.
✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief)
How does ICLR compare to CRL and MEDP in the Health Care sector?
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Within the Health Care sector (Biotechnology: Commercial Physical & Biological Resarch), ICLR carries a Roarable B (72/100 RQD), trailing P/E of 71.9x, gross margin of —, and ROIC of 3.1%. By comparison, CRL (Charles River Laboratories International Inc.) holds a C grade (64/100 RQD, P/E N/A, ROIC 0.4%, cap $17.16B) and MEDP (Medpace Holdings Inc.) posts a B+ grade (77/100 RQD, P/E 42.0x, ROIC 27.9%, cap $18.24B). Among the 5-stock peer group, INCY leads on earnings multiple (18.4x) while INCY leads on capital efficiency (42.4% ROIC).
✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief)
What are the biggest fundamental strengths and SEC risk factors for ICLR?
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Per ICLR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001060955), ICON plc generated $8.25B in revenue (+0.8% YoY), $229.3M in net income, and $862.0M in free cash flow against $16.27B in total assets and $2.87B in total debt. Key quantitative strengths: Big institutional funds and options desks are actively positioning on the bullish side. Primary risk factors monitored: Priced at 72x earnings—high expectations leave less room for a lukewarm quarter. Institutional options positioning shows a 50% call / 50% put premium split.
✓ Pre-computed one-to-many AI Quant brief
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INTERACTIVE SCENARIO DECK:
EXT / AFTER-HRS: $204.55 (-0.29%)🧬 Cannibal Buyback (-0.96% YoY Shares)⚙️ Cash Engine: 12/20 (C-) • 10.4% FCF Margin
Verify 90D Bucket Audit →📊 Historical Track Record: Scores of 72/100 (B) historically ranked in the Top 13% of excess returns over the next 90 days (+7.0% avg 90D alpha vs SPY • 68.7% hit rate).
Audit Bucket Track Record →RQD QUANT TACHOMETERBUY • B
2-of-3 JEV AI Jury Bullish
Cash
SEC
Whale
Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer
5-PILLAR SNOWFLAKE RADARRw B- · Rk B
Each axis scored 0–20
12M PRICE TARGET CONE+6.3% Base Target
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for ICLR)Realized 20D OHLCV Swing Band: ±9.3%
Deterministic 5-Pillar Attribution (72/100 Composite)
🔍 WHY ICLR SCORES 72/100 (B) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: Whale & Options Positioning+19/20 pts (26% of score)
20D Institutional Volume Accumulation (±9.3% realized swing band)
▲ #2 Bullish Driver: Macro Regime Fit+16/20 pts (22% of score)
FRED Regime × Technicals: 91% of 52W Range • RSI-14 at 70.6 (OVERBOUGHT (>70))
▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution11/20 pts (-9 pt drag)
Cannibal Buyback (-0.96% YoY Shares) & executive Form 4 sales trim 9 pts from alignment
📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)Grade C+$168.97+9.6% Next Q
64
Q2 (-2Q)Grade B-$185.25+15.6% Next Q
67
Q3 (-1Q)Grade B-$214.16-4.2% Next Q
69
CurrentGrade B$205.14+7% Hist 90D α
72
Trajectory: C+ (64) → B (72)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER
⚔️ Adversarial Opposing Case: Why the ICLR Bull Thesis Could Fail
Even with a 72/100 (B) score, ICLR faces multiple-compression risk if 71.9x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.
⚠️ Forensic Kill-Switch #1
Priced at 72x earnings—high expectations leave less room for a lukewarm quarter.
⚠️ Forensic Kill-Switch #2
Dilution & Margin Drag: Cannibal Buyback (-0.96% YoY Shares) — any gross margin slip below 49.5% triggers an automatic RQD downgrade.
⚠️ Forensic Kill-Switch #3
Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($174.52) or 200D SMA ($146.31) invalidates the momentum regime and cuts Target Base ($218.06) toward Bear Floor ($168.21).
🎲 LIVE PREDICTION MARKET ODDS TIED TO $ICLR• $2.4M Crowd Pool • Kalshi / Polymarket Composite
Contract: “ICLR Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”
AUTOMATED RQD QUANT DESK MOVER BRIEFINGFull Market News Desk →
Why ICLR Stock dropped -2.94% Today — RQD Quant Desk Flash
ICON plc (ICLR) dropped -2.94% to $205.14, trading at 91% of its 52-week range ($66.57 – $219.04). High-quality cash engine (steady margins, 3% return on capital) with steady institutional support.
- ▸Technical Tape: Trading at 91% of its 52-week range ($66.57 – $219.04) with RSI-14 at 70.6 (OVERBOUGHT (>70)).
- ▸Volatility Profile: Historical 20-day realized swing band of ±9.3% around $205.14 (no active unusual options sweep snapshot on file).
- ▸Fundamental Anchor: Roarable B (Buy) backed by 52% gross margin and $862.0M annual free cash flow.
Live ICLR Headlines & Catalysts
MARKET WIREStockInvest.us • 1d ago
Icon Stock Price Forecast. Should You Buy ICLR?StockInvest.us report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
MARKET WIREMoomoo • 1d ago
ICON ($ICLR) Releases Q3 2026 Earnings, Stock RisesMoomoo report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
CATALYSTYahoo Finance • 1d ago
ICON (ICLR) Stock Could Be A Bargain After Cash Flow ReboundYahoo Finance report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
MARKET WIRETradingView • 1d ago
ICON plc Estimates – NASDAQ:ICLRTradingView report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
CATALYSTGuruFocus • 1d ago
Icon PLC (ICLR) Shares Surge 3.6% -- What GF Score of 94 Tells IGuruFocus report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
CATALYSTThe Globe and Mail • 1d ago
Analysts Are Bullish on Top Healthcare Stocks: Icon (ICLR), Beam Therapeutics (BEAM)The Globe and Mail report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
MARKET WIREStock Titan • 1d ago
Results arrive after market close October 27 for ICON (ICLR), with an earnings call October 28.Stock Titan report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
CATALYSTBenzinga • 4d ago
RBC Capital Maintains Outperform on Icon, Raises Price Target to $226RBC Capital analyst Ryan Halsted maintains Icon (NASDAQ:ICLR) with a Outperform and raises the price target from $185 to $226.
CATALYSTBenzinga • 4d ago
Citigroup Maintains Neutral on Icon, Raises Price Target to $215Citigroup analyst Albert Hu maintains Icon (NASDAQ:ICLR) with a Neutral and raises the price target from $175 to $215.
ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Quantitative Research Desk
Scheduled RQD Strong Buys & Whale Accumulation Briefing (ICLR Tape Review)
- ✓Breakdown of the highest-scoring RQD Green-Light breakouts across our 5,200+ rated universe
- ✓Forensic Red-Light accounting & dilution traps to review on your watchlist
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ICLR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +83.21%▲ ASCENDING CHANNEL
2026-11-03O $215.5H $215.5L $205.1C $205.1VOL 2.58M
RES: $222.2SUP: $160.3SMA50: $174.5SMA200: $146.3
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK
ICLR Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure
Share Count & Dilution Monitor
Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).
Reverse-DCF Expectations Hurdle
46.6%/yr Implied 5Y Growth
vs. +0.8% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).
Ellis Vennor Setup Ledger
No active Ellis Vennor swing setup published on ICLR today. View full Setup Ledger →
🦋 Documented & Second-Order Butterfly Connections
Open Graph →
No direct multi-tier Butterfly edges indexed yet for ICLR. Explore sector supply chains on /butterfly.
AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for ICLR today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK
📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (ICLR)
Health Care Rank #56 of 1015
⚔️ CRL vs ICLR Full Matrix →
1. Head-to-Head Health Care Peer Comparison (ICLR vs. CRL, MEDP, INCY, IQV)
Industry: Biotechnology: Commercial Physical & Biological Resarch (12 Tracked Issuers)Across 1015 tracked Health Care securities in the Roarable RQD universe, ICON plc (ICLR) ranks #56 by composite RQD confidence (72/100, grade B) and #77 by equity capitalization ($16.18B). Within this direct 5-issuer industry benchmark cohort, INCY leads on earnings valuation at 18.4x trailing P/E, while INCY leads on capital efficiency and profitability with 42.4% ROIC and 92.8% gross margin. INCY currently holds the highest overall quantitative score in the immediate peer group at 88/100 (A) compared with ICLR at 72/100 (B).
| Ticker / Company | Roarable Grade | RQD Score | Trailing P/E | Gross Margin | ROIC | 1D Change | Market Cap | Head-to-Head |
|---|---|---|---|---|---|---|---|---|
| ICLR
ACTIVE
ICON plc | B | 72/100 | 71.9x | — | 3.1% | -2.94% | $16.18B | Benchmark Subject |
| CRL Charles River Laboratories International Inc. | C | 64/100 | — | — | 0.4% | -5.81% | $17.16B | /crl-vs-iclr → |
| MEDP Medpace Holdings Inc. | B+ | 77/100 | 42.0x | — | 27.9% | -0.59% | $18.24B | /medp-vs-iclr → |
| INCY Incyte Corp. | A | 88/100 | 18.4x | 92.8% | 42.4% | -0.29% | $24.54B | /incy-vs-iclr → |
| IQV IQVIA Holdings Inc. | C- | 61/100 | 33.3x | — | 9.4% | -3.32% | $44.06B | /iqv-vs-iclr → |
2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)
SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001060955 ↗In its most recent audited fiscal period (FY2025, filed 2025-12-31), ICON plc (ICLR) reported GAAP revenue of $8.25B (+0.8% vs. FY2024 revenue of $8.19B , and +2.4% cumulative change since FY2023) , GAAP net income of $229.3M, operating cash flow of $1.04B, and free cash flow of $862.0M (-22.9% YoY). On the balance sheet, ICLR closed FY2025 with $16.27B in total assets against $2.87B in total debt (Altman Z-Score: 2.20, Piotroski F-Score: 7/9).
| Fiscal Period | Filing Date | Revenue | Net Income | Operating Cash Flow | Free Cash Flow | Total Assets | Total Debt |
|---|---|---|---|---|---|---|---|
| FY2025 (FY) | 2025-12-31 | $8.25B | $229.3M | $1.04B | $862.0M | $16.27B | $2.87B |
| FY2024 (FY) | 2024-12-31 | $8.19B | $739.1M | $1.29B | $1.12B | $16.63B | $3.40B |
| FY2023 (FY) | 2023-12-31 | $8.05B | $554.2M | $1.16B | $798.6M | $9.67B | $2.26B |
3. ICLR Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)
✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLEDIs ICLR stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
As of 2026-11-03, ICON plc (NASDAQ: ICLR) is rated B (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 72/100 at a spot price of $205.14 (-2.94% 1D, market cap $16.18B). Pillar breakdown: Fundamental Cash Engine 12/20, Institutional 13F & Options Flow 19/20, SEC Balance-Sheet Forensics 14/20, FRED Macro Regime Fit 16/20, and Executive Insider Alignment 11/20. Across 1015 tracked Health Care issuers, ICLR ranks #56 in composite RQD confidence.
How does ICLR compare to CRL and MEDP in the Health Care sector?
Within the Health Care sector (Biotechnology: Commercial Physical & Biological Resarch), ICLR carries a Roarable B (72/100 RQD), trailing P/E of 71.9x, gross margin of —, and ROIC of 3.1%. By comparison, CRL (Charles River Laboratories International Inc.) holds a C grade (64/100 RQD, P/E N/A, ROIC 0.4%, cap $17.16B) and MEDP (Medpace Holdings Inc.) posts a B+ grade (77/100 RQD, P/E 42.0x, ROIC 27.9%, cap $18.24B). Among the 5-stock peer group, INCY leads on earnings multiple (18.4x) while INCY leads on capital efficiency (42.4% ROIC).
What are the biggest fundamental strengths and SEC risk factors for ICLR?
Per ICLR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001060955), ICON plc generated $8.25B in revenue (+0.8% YoY), $229.3M in net income, and $862.0M in free cash flow against $16.27B in total assets and $2.87B in total debt. Key quantitative strengths: Big institutional funds and options desks are actively positioning on the bullish side. Primary risk factors monitored: Priced at 72x earnings—high expectations leave less room for a lukewarm quarter. Institutional options positioning shows a 50% call / 50% put premium split.
Where is ICLR trading relative to its 50-day, 200-day, and 52-week technical levels?
ICLR last traded at $205.14 (-2.94% on volume of 778,595 shares), positioning the stock +17.55% above its 50-day simple moving average ($174.52) and +40.21% above its 200-day simple moving average ($146.31). Across its 52-week range of $66.57 to $219.04, ICLR sits at the 90.9% percentile with a 14-day RSI of 70.6 (OVERBOUGHT (>70)) and an implied next-earnings move of ±9.3% ($186.06 to $224.22).
ROARABLE RATING BRIEF • RQD 72/100 (B)
✓ SEC XBRL & RQD VERIFIED
ICLR — ICON plc: What the Facts Mean to a Prospective Investor
Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31
1. Roarable Rating Brief: What This Means to a Prospective Investor
ICON plc (ICLR) earns a live Roarable RQD composite score of 72/100, corresponding to a B letter grade (Roarable Buy) at a spot price of $205.14 (-2.94% 1D, market capitalization $16.18B).
- Fundamental Cash Engine (12/20): Anchored by return on invested capital (ROIC) of 3.1%, gross margin of —, operating margin of 5.4%, and free cash flow yield of 5.22%.
- Whale 13F & Options Flow (19/20) + Insider Conviction (11/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
- Macro Regime Fit (16/20) + Forensic Balance Sheet (14/20): Incorporates a 1.08x equity beta, Altman Z-Score of 2.20, Piotroski F-Score of 7/9, and Debt/Equity of 0.31x.
2. Business Model, Unit Margins & SEC Financial Trajectory
ICON plc (ICLR) is a NASDAQ-listed issuer in the Health Care sector, classified under the Biotechnology: Commercial Physical & Biological Resarch industry. Its market capitalization is $16.5B.
In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), ICON plc (ICLR) reported $8.25B in annual revenue (up from $8.19B in FY2024, +0.8% YoY) and $229.3M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($8.05B revenue, $554.2M net income) through FY2025, ICLR scaled operating cash flow to $1.04B and free cash flow to $862.0M, backed by $16.27B in total assets against $2.87B in total debt.
3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff
- 🐂 Primary Bull Case (B • RQD 72/100): Big institutional funds and options desks are actively positioning on the bullish side. Free cash flow yield of 5.22% and institutional whale pillar of 19/20. With Fundamental Cash Engine at 12/20 and Institutional Whale Flow at 19/20, sustained execution supports upside toward the upper end of the $66.57 – $219.04 52-week range.
- 🐻 Primary Bear Case & Valuation Risk: Priced at 72x earnings—high expectations leave less room for a lukewarm quarter. Investors must weigh 71.9x trailing P/E and 31.7x EV/EBITDA against 5.4% operating margins and a 1.08x macro beta.
4. 2nd-Order Butterfly Ripples & Key Questions to Watch
Upstream and downstream dependencies: — Sector correlations: — Second-order bottlenecks: — The only sector-level input is the Macro Regime Fit pillar (Beta 1.08; sector sensitivity), which indicates modestly above-market price sensitivity.
- Key Question #1: Can ICLR sustain or expand its 5.4% operating margin and 3.1% ROIC against Biotechnology: Commercial Physical & Biological Resarch peers over the next 4 quarters?
- Key Question #2: Following FY2025 revenue of $8.25B and free cash flow of $862.0M, how will capital allocation balance growth reinvestment against $2.87B in total debt?
- Key Question #3: How sensitive is ICLR's 66.9x forward P/E multiple to Health Care capital spending cycles and macro interest-rate shifts (Beta 1.08x)?
ICLR Live News Feed, Press Releases & Catalyst Wire
Real-time company headlines, analyst actions, and sector developments for ICON plc (ICLR) • Click "Debate This Headline" to argue it in the Roar Pit below
🟢 CATALYST Yahoo Finance • 22h ago
ICON (ICLR) Could Be 15% Overvalued After Record Wins And Fresh Buyback Yahoo Finance report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE StockInvest.us • 1d ago
Icon Stock Price Forecast. Should You Buy ICLR? StockInvest.us report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE Moomoo • 1d ago
ICON ($ICLR) Releases Q3 2026 Earnings, Stock Rises Moomoo report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🟢 CATALYST Yahoo Finance • 1d ago
ICON (ICLR) Stock Could Be A Bargain After Cash Flow Rebound Yahoo Finance report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE TradingView • 1d ago
ICON plc Estimates – NASDAQ:ICLR TradingView report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🟢 CATALYST GuruFocus • 1d ago
Icon PLC (ICLR) Shares Surge 3.6% -- What GF Score of 94 Tells I GuruFocus report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🟢 CATALYST The Globe and Mail • 1d ago
Analysts Are Bullish on Top Healthcare Stocks: Icon (ICLR), Beam Therapeutics (BEAM) The Globe and Mail report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE Stock Titan • 1d ago
Results arrive after market close October 27 for ICON (ICLR), with an earnings call October 28. Stock Titan report covering ICON plc (ICLR) market action, institutional positioning, and fundamental catalysts.
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE
3 Active Posts & Replies
ICLR Bull vs. Bear Conversation Board — What's Your Call at $205.14?
🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON ICLR 🐻 33% BEARISH CONVICTION
DE DeltaGamma_99 RQD DEBATE OPENER • Options Flow Specialist 🐂 BULLISH
🎯 Target: $274.77 (+30.0%)
📌 Pinned Debate Institutional whale 13F flow scores 18/20 within the RQD rating, the strongest pillar, indicating sustained accumulation.
Here is why I am bullish on ICLR here at $211.36: Institutional whale 13F flow scores 18/20 within the RQD rating, the strongest pillar, indicating sustained accumulation.. Compare ICLR's 5.4% operating margin and 3.1% ROIC against the rest of Biotechnology: Commercial Physical & Biological Resarch. As long as cash conversion holds up, dips toward $200.79 are getting bought.
CapAlloc_Nerd 🐂 BULL
@MeanReversion_88 Fair point on 71.9x trailing P/E, but you're ignoring the forward operating leverage in Biotechnology: Commercial Physical & Biological Resarch. If gross margin (0.0%) holds, EPS grows into the multiple faster than bears think.
ME MeanReversion_88 RQD DEBATE OPENER • Quantitative Statistical Arb 🐻 BEARISH
🎯 Target: $162.75 (-23.0%)
Spot @ $211.36 A 71.9 trailing P/E against 3.1% ROIC and net income falling from $739.1M to $229.3M leaves valuation dependent on earnings recovery.
Careful chasing ICLR at $211.36. A 71.9 trailing P/E against 3.1% ROIC and net income falling from $739.1M to $229.3M leaves valuation dependent on earnings recovery.. Gross margin is 0.0%, but operating margin is 5.4%, which shows SG&A and reinvestment are eating into bottom-line EPS. Target $162.75 on multiple compression.