Icon price target lowered to $170 from $195 at BofA

BofA lowered the firm’s price target on Icon (ICLR) to $170 from $195 and keeps a Buy rating on the shares. The new administration’s policy changes and positions have created further uncertainty, resulting in a soft start to FY25, says the analyst, who believes limited visibility in the near-term and macro challenges will remain an overhang for Contract Research Organizations in coming quarters. Given that view, the analyst trimmed estimates for most of the firm’s CRO coverage universe, but adds that even with lower estimates, current CRO valuations “remain attractive and are close to their all-time lows compared to historic levels.”