UPDATE: ISI Group Cuts PT to $39 on Charles River Laboratories Following Negative Guidance
ISI Group reiterated its Underweight rating on Charles River Laboratories (NYSE: CRL) and lowered its price target from $40.50 to $39.
ISI Group commented, "As a result of today's 2013 guidance announcement, we are lowering CRL's FY13 EPS from $3.10 to $3.00 and FY14 EPS from $3.45 to $3.25. These EPS changes stem from lower operating margin expectations due to the aforementioned investment headwinds. Despite the improved revenue outlook, limited visibility across the business (ex strategic deals) and a challenged OM outlook will limit P/E expansion, and in turn, cap shares in the upper $30s."
Charles River Laboratories closed at $36.55 on Tuesday.
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