Jefferies Downgrades ICON Public Limited (ICLR) to Hold From Buy

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.

ICON Public Limited Company (ICLR): Among Small-Cap Healthcare Stocks Hedge Funds is Buying
ICON Public Limited Company (ICLR): Among Small-Cap Healthcare Stocks Hedge Funds is Buying

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.

While we acknowledge the potential of ICLR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

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