ICON Public Limited Company (NASDAQ:ICLR) is one of the best cheap stocks to buy for beginners. On September 9, Jefferies analyst David Windley downgraded ICON Public Limited Company (NASDAQ:ICLR) to Hold from Buy, bringing the price target down to $175 from $220.
The firm told investors in a research note that it now sees “too many headwinds” for ICON Public Limited Company (NASDAQ:ICLR) to keep recommending the shares, and while the stock is “cheap”, another guidance cut may be forthcoming.
The firm’s channel checks are continually reflecting wallet share losses for ICON Public Limited Company (NASDAQ:ICLR), which, according to Jefferies, is undermining momentum from the four partnership wins since the PRA Health merger.
It added that customer cancellations are likely near $1 billion in the third quarter, and may remain high in Q4.
ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization that provides outsourced development services to the biotechnology, pharmaceutical, and medical device industries.
It specializes in managing, developing, and analyzing programs that support clinical development. The company operates in Ireland, the Rest of Europe, the US, and Other geographical segments.
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Disclosure: None. This article is originally published at Insider Monkey.