Baird cuts Icon target, names ‘Bullish Fresh Pick’

Baird analyst Eric Coldwell lowered the firm’s price target on Icon (ICLR) to $225 from $249 and keeps a Neutral rating on the shares. The firm is concerned about sector fundamental performance through the first half of 2025, at minimum, but says Icon’s current valuation “feels so oversold we are willing to make a near-term positive trading call.” Near-term volatility is expected for contract research organizations, while long-term secular drivers remain in place, the analyst tells investors in a research note. Baird names Icon a “Bullish Fresh Pick” despite the target cut.