BofA analyst Michael Ryskin lowered the firm’s price target on Icon (ICLR) to $255 from $270 and keeps a Buy rating on the shares. The firm lowered its FY25-27 estimates to incorporate the FY25 outlook and management commentary after the company reiterated their FY24 guidance and provided an initial FY25 outlook ahead of a conference presentation on January 14. Management called out softening in backlogs and higher cancellations with biotechs, the analyst noted.
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Read More on ICLR:
- ICON plc Announces 2025 Financial Guidance Amid Market Challenges
- Icon backs FY24 adjusted EPS view $13.90-$14.10, consensus $13.97
- Icon sees FY25 adjusted EPS $13.00-$15.00, consensus $14.93
- ICON plc to Present at the J.P. Morgan Healthcare Conference
- Icon initiated with an Outperform at RBC Capital