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Charles River downgraded to Hold at Jefferies on NHP risks
The Fly

Charles River downgraded to Hold at Jefferies on NHP risks

As previously reported, Jefferies analyst David Windley downgraded Charles River to Hold from Buy with a price target of $233, down from $250. His previous work on the non-human primate, or NHP, supply chain work concluded that Charles River’s NHP tox business was "in a privileged position and controlled its own destiny," but the indictment of Vanny and other Cambodian officials has altered that view, Windley tells investors. Immediately finding new supply in an undersupplied market "seems unlikely," which puts a high growth contributor at risk and means the stock probably shouldn’t trade at historical multiples with "even higher reliance on price and a fragile supply chain" in NHPs, the analyst added.

Published first on TheFly

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