Redburn Atlantic upgraded Charles River (CRL) to Buy from Neutral with a price target of $182, down from $188. The announcement that activist Elliott is now Charles River’s largest investor and the company conducting a “wide-ranging” strategic offers a potential catalyst for the shares, the analyst tells investors in a research note. In addition, the firm says the Q1 report potentially showed the first signs of demand improving. The sock’s current valuation is a 36% discount to its ten-year average historical forward multiple, adds Redburn Atlantic.
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