Medpace's Bookings, Pre-Backlog Trends Support Growth Outlook, UBS Says

02:42 PM EDT, 10/23/2026 (MT Newswires) -- Medpace (MEDP) strong bookings and healthy pipeline could support revenue growth above current expectations, with management's preliminary outlook for 2027 potentially proving conservative, UBS Securities said in a note Friday. The brokerage said strong pending requests for proposals and faster growth in pre-backlog support its outlook for service fee revenue. Management expects an increase in awards in the fourth quarter and said service fee revenue growth could outpace pass-through revenue growth. UBS raised its service fee revenue growth estimates for 2027 and 2028, citing strong bookings growth and elevated pre-backlog inflows. The brokerage also highlighted the company's Cincinnati headquarters expansion as supporting organic growth, although the new facility is expected to add $20 million in operating expenses in 2027. UBS maintained a neutral rating and raised its price target to $700 from $673. Shares of Medpace were up 1.4% in Friday afternoon trading. Price: 663.45, Change: +9.49, Percent Change: +1.45