TD Cowen analyst Charles Rhyee lowered the firm’s price target on Icon (ICLR) to $172 from $183 and keeps a Hold rating on the shares. The firm came away from the conference call still concerned on 2026 estimates, with management expecting margin pressure from pass-throughs to continue into 4Q and next year. Margin pressure from pricing is another headwind to 2026 that hasn’t been felt yet.
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