Jefferies analyst David Windley has downgraded Icon PLC (ICLR.US) from "Buy" to "Hold" and reduced the target price from $220 to $175. Windley now believes Icon PLC faces "too many" unfavorable factors, leading to the withdrawal of his recommendation for the stock. Despite the shares appearing "cheap," he anticipates potential further downward revisions to performance expectations.

Jefferies noted that ongoing channel surveys continue to show Icon PLC losing wallet share, which undermines the growth momentum generated from winning four partnership agreements since the PRA Health merger. The firm also indicated that third-quarter customer cancellations could approach $1 billion, with this figure likely remaining elevated in the fourth quarter.

Icon PLC is a clinical research organization that provides outsourced research and development services to the biotechnology, pharmaceutical, and medical device industries. The company specializes in managing, developing, and analyzing clinical development-related projects. Its operations span across Ireland, other parts of Europe, and the United States.