UBS downgraded Charles River (CRL) to Neutral from Buy with a price target of $185, down from $250. The Neutral rating reflects a view that the company’s mid-term sales growth has “structurally decelerated,” the analyst tells investors in a research note. The firm says this view is supported not only by Charles River’s recent results and outlook, but peer read-across, pricing trends, and updated market analysis. UBS remains constructive on Charles River’s positioning as a key enabler to biopharma, and its opportunity to execute on cost reductions, however.
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