Icon selloff seems ‘overdone,’ says Baird

Baird notes Icon management reiterated FY24 guidance and 7%-10% long-range revenue growth plans at the firm’s conference, but management also called out a return to biotech hesitancy and slower recovery than initially expected, While this may reduce some short-term upside potential, “this is nothing new,” from Icon or other CROs, according to the analyst. Shares sold off by about 6% after being even lower during midday trading, notes the analyst, who says the selloff “seems overdone.” While Baird does not “want to call a bottom, we are more positive on ICLR at this price,” added the analyst, who reiterates an Outperform rating and $368 price target on Icon shares.