New York, February 17, 2026, 17:41 EST — After-hours
ICON plc shares slid 4.8% to $88.62 on Tuesday after Rothschild & Co Redburn dropped its rating on the clinical research contractor to neutral from buy, hacking its price target down to $100 from $226. (TipRanks)
Investors remain zeroed in on ICON’s ongoing probe into its accounting methods, after the latest downgrade. The focus: revenue recognition—essentially, when the company counts sales—stretching from fiscal 2023 through 2025. So far, ICON says preliminary findings suggest revenue was overstated by under 2% for both 2023 and 2024. The company is also preparing to disclose at least one “material weakness” in its internal controls, industry shorthand for lapses that could lead to misstated financials. (ICON plc)
That mix keeps the stock on edge. With results pushed back and possible changes to the numbers hanging overhead, forecasts get put on ice. Models get torn up, analysts scramble, and convincing both clients and auditors gets trickier.
Deutsche Bank cut its price target for ICON to $160 from $205 on Tuesday but stuck with its buy rating, MT Newswires reported. (MarketScreener)
Shares remain deep in the hole after last week’s meltdown, triggered by ICON’s announcement of the review that wiped roughly 40% off the stock in just one day. (Investors)
Orbis Investment Management Ltd disclosed a stake of roughly 4.2 million ICON shares, representing 5.5% of the class, in a Schedule 13G/A filed Tuesday. The filing, dated Dec. 31, 2025, shows the investor’s position after passing key ownership thresholds. (ICON plc)
The investigation is still the main overhang for the stock. Should the review drag on, broaden, or trigger additional restatements not yet disclosed by the company, both investors and lenders could brace for more turbulence—and possibly a longer period without solid guidance.
ICON expects to release its Q4 and full-year 2025 numbers by April 30. CEO Barry Balfe noted that the company is “implementing a series of corrective actions to enhance our internal controls.” For investors, the big questions are how much the results might be revised, when regular reporting picks up again, and if guidance will return.
