ICON PLC (ICON) Soars 16% as Analyst Issues ‘Hold’, $93 PT Despite Accounting Concerns

We recently published 10 Market Beasts Leaving Wall Street in the Dust. ICON PLC (NASDAQ:ICLR) was one of the best performers on Friday.

ICON grew its share prices by 16.13 percent on Friday to finish at $93 apiece, as investors took heart from an investment firm’s reaffirmed positive coverage for its stock.

In a market report, TD Cowen maintained its “hold” recommendation on shares of ICON PLC (NASDAQ:ICLR) at a price of $183 apiece, marking a 97 percent upside potential from its latest closing price.

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The rally came despite concerns in relation to the delay in the release of its earnings performance for the fourth quarter and full-year 2025.

According to ICON PLC (NASDAQ:ICLR), it is underway with an internal investigation into certain accounting practices and controls following concerns reported to the audit committee about revenue recognition in fiscal years 2023 through 2025.

“The company is in the process of evaluating the design and operation of certain internal controls over financial reporting and expects to report one or more material weaknesses as a result. While the investigation is continuing, at this time, preliminary indications are that the company’s revenue in 2023 and 2024 may have been overstated by less than two percent for each fiscal year. Due to the ongoing investigation, including a delay of normal quarter and year-end reporting processes, the company is not yet able to communicate its 2025 financial performance and is withdrawing its previously issued 2025 full-year financial guidance,” ICON PLC (NASDAQ:ICLR) said.

It added that it expects to release the official results on or before April 30, 2026.

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