Charles River downgraded to Sell from Neutral at Citi

Citi downgraded Charles River to Sell from Neutral with a price target of $175, down from $215. The firm sees price and volume headwinds that are likely to drive downside to Charles River’s 2025 and 2026 estimates. Headwinds from the large pharma customer group, which represent 30% of revenues), with regard to Inflation Reduction Act caution and pipeline restructuring will be prolonged as customers focus more on the clinic and less so on the discovery of new therapies, the analyst tells investors in a research note.