Charles River upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Charles River (CRL) to Outperform from In Line with a price target of $170, up from $135, following Q1 earnings and the cooperation agreement with Elliott. Reasons for the upgrade following today’s print include the fact that bookings reaccelerated quarter-over-quarter for the first time since 2022, updated disclosure on NAMs after last month’s FDA recommendation to shift away from animal-based testing for mAbs, the company’s “enviable market position as a key preclinical development partner” and valuation, the analyst tells investors.