Charles River Labs (CRL) PT Lowered to $464 at Jefferies
Jefferies analyst David Windley lowered the price target on Charles River Labs (NYSE: CRL) to $464.00 (from $480.00) while maintaining a Buy rating.
The analyst commented, "We are maintaining our Buy rating on 2 key factors: 1) we think demand is strong enough to support DD revenue growth, and 2) valuation has pulled back to the lower end of peer ranges. On the latter, we think CRL's evolving business mix warrants a multiple between clinical CROs (17.2x '23 EBITDA) and CDMOs (25x). Before 11/3, CRL had pushed into the upper half of that range on continually improving forecasts. That improvement stopped,
but shouldn't collapse."