ICON

ICLR · NASDAQ

$174.19+$6.05 (+3.60%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $168.14

ICLR analyst rating

HoldConsensus of 15 analysts over the last 12 months. 53% rate it a buy.

Strong buy0
Buy8
Hold6
Underperform1
Sell0

12-month price target · 19 analysts

Average $194.14 (+11.5% upside)

Low: $161.60
Now: $174.19
High: $231.00

Upgrades and downgrades

The latest rating actions, newest first

ICLR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Sep 30, 2026	Initiates	Neutral	$195.00	70%
Citigroup	Sep 18, 2026	Maintains	Neutral	$180.00 → $175.00	0%
Citigroup	Jul 31, 2026	Maintains	Neutral	$165.00 → $180.00	75%
Truist Securities	Jul 31, 2026	Maintains	Buy	$207.00 → $209.00	37%
Truist Securities	Jun 30, 2026	Upgrade	Hold → Buy	$159.00 → $207.00	37%
Mizuho	Jun 26, 2026	Maintains	Outperform	$180.00 → $190.00	69%
Citigroup	Jun 25, 2026	Maintains	Neutral	$140.00 → $165.00	55%
BMO Capital	Jun 25, 2026	Maintains	Outperform	$160.00 → $187.00	41%
Barclays	Jun 25, 2026	Maintains	Equal-Weight	$160.00 → $175.00	54%
RBC Capital	Jun 25, 2026	Upgrade	Sector Perform → Outperform	$126.00 → $185.00	67%

The case for and against

Updated Oct 18, 2026

Bull case

Icon is supported by consistently strong commercial execution, with 2Q26 net bookings of $3.1 billion and a 1.51x book-to-bill ratio, while direct-fee bookings stayed healthy at 1.2x and management cited broad-based awards across biotech, mid-sized pharma, and large pharma. Its outlook is also reinforced by improving underlying demand, as total RFP flow rose 22% sequentially and 16% trailing twelve months, Phase III opportunities reached about 50% of the mix, and recent bookings strength supports a return to MSD revenue growth in 2027. Although passthrough activity and a slower margin ramp pressured reported optics, direct-fee revenue and absolute EBITDA dollar expectations remain intact, valuations are compelling at 10.2x updated 2027 EBITDA, and strong free cash flow adds further support.

Bear case

Icon is facing a negative setup because reported strength in 2Q was flattered by volatile passthrough activity, which rose faster than expected and muddied the book-to-bill signal, making underlying demand harder to read. Revenue increased just 1.2% Y/Y to $2.06 billion and adjusted EBITDA margin reached 15.9%, but management said the passthrough mix could leave year-end margin closer to 16.5% to 17.0% rather than 17.0% to 17.5%, underscoring dilution pressure on reported profitability. The outlook is further pressured by direct-fee revenue still down Y/Y, expected FY2026 direct-fee revenue down about 2% Y/Y, and risks from cancellations, weaker large-pharma recovery, softer biotech demand, and margin headwinds from costs and inefficiencies.

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