Icon downgraded to Neutral from Outperform at Baird

Baird downgraded Icon (ICLR) to Neutral from Outperform with a $340 price target The company’s Q3 revenue and profit missed, representing one of the worst relative performances from Icon “in eons,” the analyst tells investors in a research note. The firm says the Q3 report “severely shook our confidence.” The company’s 2025 outlook now looks even more challenged than previously anticipated, and Baird is moving to the sidelines, waiting for the environment to improve, the analyst adds. It believes the price target when its estimates are revised will be around $250.