Icon upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Luke Sergott upgraded Icon to Overweight from Equal Weight with a price target of $260, up from $215. The analyst sees a tale of two halves in 2023 for the contract research organizations, with biotech funding weak through the first half and "some relief" in the second half once the macro environment turns more positive. He upgraded Icon and downgraded Syneos as part of his 2023 outlook.