Here is Why ICON Public Limited Company (ICLR) Offers an Impressive Upside

ICON Public Limited Company (NASDAQ:ICLR) is one of the 10 best life sciences stocks to buy according to hedge funds.

On February 17, Rothschild & Co Redburn analyst Jamie Clark sharply reduced the price target on ICON Public Limited Company (NASDAQ:ICLR) from $226 to $100. The analyst also downgraded his rating on the stock from Buy to Neutral.

Clark cited the company’s announcement of an internal accounting investigation as the key reason for the downgrade. He believes that potential financial restatements could hugely impact the company’s recent earnings picture and alter expectations for future growth. Preliminary findings suggest that revenues for FY 2023 and 2024 may have been overstated.

On January 9, the price target for ICON Public Limited Company (NASDAQ:ICLR) was reduced from $225 to $216 by Mizuho Securities. The firm maintained its Outperform rating on the stock, with an upside potential of almost 117% even after the revision.

Following a Q4 preview, the firm had noted that healthcare utilization growth decelerated sequentially. Despite facing an easier year-over-year comparable, the firm’s physician survey suggests this growth trend may be peaking, leading to the revised target.

ICON Public Limited Company (NASDAQ:ICLR) is a contract research organization that delivers clinical research, along with outsourced development and commercialization services. The company offers its services to various segments such as biotechnology, pharmaceutical, public health organizations, and medical device companies. It covers different stages of clinical development, including Phase I-IV clinical trials.

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