Charles River Labs (CRL) PT Lowered to $265 at Evercore ISI

Evercore ISI analyst Elizabeth Anderson lowered the price target on Charles River Labs (NYSE: CRL) to $265.00 (from $300.00) while maintaining a Outperform rating.

The analyst comments "Today’s print pointed to signs of a nascent recovery. Manufacturing saw positive momentum in 1Q (typically a leading indicator for oveall demand) with Microbial showing signs of the end of de-stocking and the CDMO recovering. RMS benefitted from the timing of NHP shipments (will reverse in 2Q), while DSA saw a qoq improvement in net bookings, though at a lower margin. Going forward the next step up in earnigns and valuation all depends on the pathway to the 2H recovery and a bigger qoq step up in DSA net bookings in 2Q, which we see as bumpy but showing green shoots. Given this view we are tweaking our full year estimates and our PT goes to $265 (15.5x ’24 EBITDA, 24x P/E)."

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