Icon price target lowered to $290 from $300 at Citi

Citi lowered the firm’s price target on Icon (ICLR) to $290 from $300 and keeps a Buy rating on the shares. Outside of the preannouncements and guidance updates from life science tools and diagnostics names in January, Citi expects key themes to include the cadence and magnitude of the expected recoveries in areas such as China and bioprocessing, the rollout of the China stimulus program, trends within the instrumentation replacement cycle, general biopharma health and its possible impact on clinical trial demand, and the possible effects of the new administration. The firm adjusted numbers for Icon to reflect lower margins given the pass-through impact.