Jefferies Upgrades Charles River Labs (CRL) to Buy
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Price: $45.01 -0.27%
Rating Summary:
4 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
4 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CRL Now!
Jefferies upgraded Charles River Labs (NYSE: CRL) from Hold to Buy with a price target of $50.00 (from $41.00).
The firm comments, "We view CRL as the relative value Buy in CROs. Its business mix grows at a slower rate, but accelerating, R&D spending growth rebounds from its trough. Management is successfully broadening relationships to steepen the growth curve. We liken this to PRXL's aggressive move toward strategic deals in late-'09/'10, except that ED revenue converts much faster. Our survey shows ED spending normalizing, while pharma capacity declines."
The firm raised FY13 EPS from $2.83 to $2.85.
For an analyst ratings summary and ratings history on Charles River Labs click here. For more ratings news on Charles River Labs click here.
Shares of Charles River Labs closed at $40.46 yesterday, with a 52 week range of $31.48-$43.30.
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The firm comments, "We view CRL as the relative value Buy in CROs. Its business mix grows at a slower rate, but accelerating, R&D spending growth rebounds from its trough. Management is successfully broadening relationships to steepen the growth curve. We liken this to PRXL's aggressive move toward strategic deals in late-'09/'10, except that ED revenue converts much faster. Our survey shows ED spending normalizing, while pharma capacity declines."
The firm raised FY13 EPS from $2.83 to $2.85.
For an analyst ratings summary and ratings history on Charles River Labs click here. For more ratings news on Charles River Labs click here.
Shares of Charles River Labs closed at $40.46 yesterday, with a 52 week range of $31.48-$43.30.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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