S&P didn't reiterate its Buy. It upgraded it (originally it was Hold).

July 22, 2009
ICLR posts $0.38 vs. $0.31 Q2 EPS on 1% revenue rise. Amends '09 revenue
guidance to $880M-$900M, EPS guidance to $1.38-$1.44, before one time net
charges.

July 22, 2009
11:55 am ET ... S&P RAISES RECOMMENDATION ON SHARES OF ICON PLC TO
BUY FROM HOLD (ICLR 21.58****): Q2 adjusted EPS of $0.38 vs. $0.31 is $0.06
ahead of our view. Sales grew 0.8% with 4% adverse forex impact. Net new
business wins were $266M for a 1.2X book-to-bill.We view results as mixed amid
challenging environment and note modest bookings in recent quarters adversely
affect sales, leading ICLR to lower 2009 sales guidance to $880M-$900M from
$930-980M. But we see outsourcing market stabilizing and expect continued
improvement in H2. Request for proposal value grew significantly from the last
two quarters.We are raising our 12-month target price by $8 to $26 on 1.1X PEG.
/J.Loo-CFA