Barclays cuts Icon target, says buy the ‘overreaction’

Barclays lowered the firm’s price target on Icon (ICLR) to $275 from $330 and keeps an Overweight rating on the shares. The firm recommends buying the post-earnings “overreaction” in the stock. While Icon reported a “tough” quarter driven by its top two customers rationalizing vaccine pipelines, there is anything structurally wrong in the industry and the issues are temporal, the analyst tells investors in a research note.