Sell-off of ICON shares ‘unwarranted’

Davy Stockbrokers said the sell-off of ICON shares this week was unwarranted.

The broker said operating income of was ahead of expectations, despite the revenue figures being lower.

Davy’s said in a research report: “the focus, however, was on contract delays in the US, which will slow annual growth. We are satisfied with our two key issues: that the delays were not ICON’s fault and that the revised guidance is a conservative scenario. We expect growth to resume at a more normalised trajectory in the year to May 2006.”