Avondale Worried About ICON PLC's Revenue Concentration

Avondale Partners issued a note on contract research organization company ICON Public Limited Company

. In the research, they saw growing concern with recent comments of the revenue concentration from their top client. Avondale lowered their rating on ICON from Market Perform to Market Underperform. One of the reasons Avondale made this change was due to wariness on the company's growth margins. ICON CEO Ciaran Murray said that Pfizer will represent somewhere between 24-26% of revenues for fiscal year 2016. Based on their new trajectory of organic growth, they dropped their revenue estimate from $1.67 billion to $1.63 billion. Shares of ICON PLC were trading up 2.15% on the day. Avondale adjusted their price target for shares of ICON from $70 to $59 per share.