Icon upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Sean Dodge upgraded Icon (ICLR) to Outperform from Market Perform with a price target of $130, up from $100. The firm’s recent analysis indicates continued improvements in Icon’s large pharma backdrop. In additions, the shares are trading at a multi-decade low valuation, the analyst tells investors in a research note. BMO believes current share levels overly discount the risks from Icon’s accounting review and longer-term AI fears overhanging the space. It sees current levels as an attractive entry point.