Stock analysts at Cantor Fitzgerald started coverage on shares of Charles River Laboratories International (NYSE:CRL) in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $53.00 price target on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 13.69% from the company’s current price.
The analysts wrote, “As a leader in the drug discovery and preclinical segment of the contract research organization (CRO) market, we think the company is well positioned to take market share with increased outsourcing of preclinical research by pharmaceutical and biotechnology companies. We believe that CRL has industry-leading margins and headroom for further expansion with improved end-market demand, and a strong FCF profile enabling expansion of technological capabilities and geographic footprint through acquisitions. While the pharmaceutical industry has recently prioritized R&D funds supporting late-stage clinical studies to address impending sales erosion from the much anticipated blockbuster patent expirations, we think increased outsourcing in the preclinical segment is inevitable longer-term, as the pharmaceutical companies have recognized the need for a paradigm shift in improving R&D productivity.”
Charles River Laboratories International (NYSE:CRL) opened at 46.62 on Tuesday. Charles River Laboratories International has a 1-year low of $35.54 and a 1-year high of $48.73. The stock’s 50-day moving average is $46.89 and its 200-day moving average is $44.38. The company has a market cap of $2.287 billion and a P/E ratio of 24.18.
Charles River Laboratories International (NYSE:CRL) last announced its earnings results on Wednesday, July 31st. The company reported $0.73 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.71 by $0.02. The company had revenue of $294.40 million for the quarter, compared to the consensus estimate of $293.77 million. During the same quarter last year, the company posted $0.75 earnings per share. Charles River Laboratories International’s revenue was up 3.4% compared to the same quarter last year. Analysts expect that Charles River Laboratories International will post $2.83 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on CRL. Analysts at Credit Suisse initiated coverage on shares of Charles River Laboratories International (NYSE:CRL) in a research note to investors on Monday, September 23rd. They set a “neutral” rating and a $50.00 price target on the stock. Separately, analysts at UBS AG initiated coverage on shares of Charles River Laboratories International (NYSE:CRL) in a research note to investors on Tuesday, September 17th. They set a “neutral” rating and a $49.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Robert W. Baird raised their price target on shares of Charles River Laboratories International (NYSE:CRL) from $50.00 to $52.00 in a research note to investors on Monday, August 26th. They now have an “outperform” rating on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $47.04.
Charles River Laboratories International, Inc is a global provider of solutions, which accelerate the early-stage drug discovery and development process.
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