UPDATE: Jefferies Upgraded Charles River Laboratories to Buy on Tailwinds

Jefferies upgraded Charles River Laboratories CRL from Hold to Buy and raised the price target from $41.00 to $50.00. Jefferies commented, "We view CRL as the relative value Buy in CROs. Its business mix grows at a slower rate, but accelerating, R&D spending growth rebounds from its trough. Management is successfully broadening relationships to steepen the growth curve. We liken this to PRXL's aggressive move toward strategic deals in late-'09/'10, except that ED revenue converts much faster. Our survey shows ED spending normalizing, while pharma capacity declines." Charles River Laboratories closed at $40.46 on Friday.