12:03 PM EDT, 10/24/2024 (MT Newswires) -- 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