Charles River Labs (CRL) PT Raised to $301 at Credit Suisse

Credit Suisse analyst Erin Wilson Wright raised the price target on Charles River Labs (NYSE: CRL) to $301.00 (from $259.00) while maintaining a Neutral rating.

The analyst comments "CRL’s 4Q EPS ($2.39) handily exceeded our $2.04 on stronger revenues and profitability. Below the line factors also added $0.15. It unveiled encouraging ‘21 EPS guidance of $9.00-$9.25 (vs. cons. $8.89), reflecting org. revenue growth of +9%-11% (encompassing our est. +10.5%), contributions from its Citoxlab and HemaCare acquisitions (+50-100 bps), and favorable FX (+200-250 bps), as well as continued operating margin improvement. Our TP moves to $301 (29.5x ‘22 EPS) from $259 on the notably higher view and greater conviction in its LT growth prospects with its acquisition of Cognate (details below). Risks: Demand shifts, biotech funding."

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