UPDATE: Citigroup Maintains Neutral, Lowers PT to $31 on Charles River Laboratories

Citigroup reiterates its Neutral rating on Charles River Laboratories (NYSE: CRL) and lowers the price target on the stock to $31 from $34; it revises estimates down to reflect continued weakness in pre-clinical market conditions.

Citi says, “We have lowered our sales expectation by ~2% across both businesses. The decline in sales estimates is offset by expectations that management will be able to improve operating margins in PCS somewhat, and by greater share repurchases. Our revised 2012E non-GAAP EPS of $2.60 is at low end of guidance, 2.3% below consensus.”

CRL closed at $25.95 per share on Wednesday.