BofA analyst Michael Ryskin lowered the firm’s price target on Icon (ICLR) to $195 from $204 and keeps a Buy rating on the shares, stating that a guidance cut was “largely expected” following commentary in March regarding the two large next-gen COVID clinical trials. While the update was “incrementally negative,” the firm thinks it was at least partially expected and priced into shares, adding that it believes Icon continues to execute well on what they can control despite the challenging market environment and remains well positioned once the macro improves.
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