Icon downgraded to Underperform at BofA after internal audit announced

As previously reported, BofA analyst Michael Ryskin downgraded Icon (ICLR) to Underperform from Neutral with a price target of $75, down from $195, after the company announced an internal board investigation into accounting practices and controls and noted that preliminary indications are that the company may have overstated revenues in 2023-2024 by up to 2% each fiscal year. Icon is also withdrawing the FY25 guidance and delaying Q4 results, notes the analyst, who note that there were already “significant doubts” given recent results and macro concerns and that this investigation “only compounds these issues.”