Icon downgraded to Hold from Buy at Jefferies

Jefferies analyst David Windley downgraded Icon (ICLR) to Hold from Buy with a price target of $175, down from $220. The firm now sees “too many headwinds” for Icon to continue recommending the shares. The stock is “cheap” but another guidance cut may be forthcoming, the analyst tells investors in a research note. Jefferies’ channel checks continue to show wallet share losses for Icon, which the firm believes undermine momentum from the four partnership wins since the PRA Health merger. Customer cancels are likely near $1B in 3Q and could remain high in Q4, Jefferies contends.