Icon price target lowered to $363 from $383 at Truist

Truist analyst Jailendra Singh lowered the firm’s price target on Icon to $363 from $383 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for Contract Research Organizations or CROs. Expectations are mixed heading into earnings primarily driven by a noisy macro environment, and as a result, while revenue and EBITDA trends in the quarter are important, backlog growth trends and book to bill ratios will be much more closely watched given the implications for 2025 guidance, the analyst tells investors in a research note.