ICON (ICLR) shares were down nearly 19% in recent Thursday trading following a Q3 miss and lowered 2024 outlook, likely prompting a rating downgrade by Baird.
Late Wednesday, the company reported Q3 adjusted earnings of $3.35 per diluted share on revenue of $2.03 billion, both falling short of Wall Street's estimates.
For 2024, the company now expects adjusted EPS of $13.90 to $14.10 on revenue of $8.26 billion to $8.30 billion. The previous guidance was of adjusted EPS between $15 and $15.20 and revenue between $8.45 billion and $8.55 billion.
Analysts polled by Capital IQ expect normalized EPS of $15 on revenue of $8.50 billion.
Following the results, Baird downgraded its rating on the ICON stock to neutral from outperform, with a $340 price target.
Price: 228.40, Change: -52.36, Percent Change: -18.65
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.