UPDATE: JP Morgan Upgrades Charles River Laboratories to Overweight on Risk/Reward
JP Morgan raised its rating on Charles River Laboratories (NYSE: CRL) from Neutral to Overweight and increased its price target from $40 to $42.
JP Morgan commented, "Charles River Laboratories (CRL) hosted its annual December guidance call yesterday, reiterating 2012 estimates (albeit with some EPS softness) and introducing 2013 bottom-line estimates 4-5% below consensus in light of the AstraZeneca deal (for which costs will be realized before full revenue benefits). While the news was met with disappointment, with shares -9.4%, we now see risk/reward as favorable heading into 2013 given improving fundamentals (3-5% LC growth projected vs. 1% in 2012, negative growth in 2009-2011), continued cost discipline, and importantly, a 10% free cash flow yield."
Charles River Laboratories closed at $35.65 on Wednesday.
Latest Ratings for CRL
|Jan 2017||Evercore ISI Group||Upgrades||Hold||Buy|
|Dec 2016||Goldman Sachs||Upgrades||Sell||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.