ICON plc (ICLR) PT Raised to $125 at BofA Securities

BofA Securities analyst Michael Ryskin raised the price target on ICON plc (NASDAQ: ICLR) to $125.00 (from $105.00) while maintaining a Underperform rating.

The analyst comments "Follow ICLR’s 4Q print (see first look), we believe the company largely addressed the longrunning accounting/restatement debate while resetting the baseline for FY26 expectations. Although revised cost-to-complete assumptions and mix weighed materially on 4Q profitability, mgmt. commentary around improving booking trends, lower cancellations, and stable customer engagement likely reduce near-term downside risk. That said, we believe shares still warrant some discount to peers (given new margin questions, and likely limited recovery till 2027). We update our model for restatements and last week’s result, and our PO moves to $125 (was $1f05) based on 9x FY27E EBITDA estimates (up vs 8x prior to reflect 4Q bookings/commentary). Reiterate Underperform."

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