Charles River downgraded to Neutral from Outperform at Baird

Baird downgraded Charles River to Neutral from Outperform with a price target of $191, down from $239. The analyst says the severity of the Discovery and Safety Assessment shortfall in Q2 “was drastically more than anticipated.” Charles River’s 2025 “seems a black box, and we can’t even pretend to be confident in forecasting,” the analyst tells investors in a research note. Baird is confident in eventual recovery, but is not sure if that’s six months or six quarters. As such, the firm is “certain that we would not be buying shares now.”