Icon downgraded to Neutral from Buy at Rothschild & Co Redburn

Rothschild & Co Redburn analyst Jamie Clark downgraded Icon (ICLR) to Neutral from Buy with a price target of $100, down from $226. The firm cites the company’s announcement of an internal accounting investigation for the downgrade. Any future restatements could change the recent earnings profile of the business and expectations for future growth, the analyst tells investors in a research note. Icon’s preliminary indications are that revenues in fiscal 2023 and 2024 were overstated, the analyst tells investors in a research note.