TD Cowen analyst Charles Rhyee upgraded Icon (ICLR) to Buy from Hold with a price target of $120, down from $183. The selloff related to the company’s internal accounting investigation is overdone, the analyst tells investors in a research note. TD believes the 33% pullback overstates the anticipated impact to Icon’s earnings. It estimates a 2% cut to revenue estimates in 2026 and 2027 represents a 14% hit to earnings. While risks remain from the investigation, Icon’s risk/reward is “compelling” at current levels, contends the firm.
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