TD Cowen analyst Charles Rhyee initiated coverage of Charles River with a Market Perform rating and $212 price target. While calling Charles River a “leading” preclinical clinical research organization, or CRO, the firm believes factors – including a weaker biotech funding environment, Inflation Reduction Act measures, and biopharma reprioritizing development pipelines – are likely to “subdue” organic revenue growth in 2024, the analyst said. Cowen would “look to get more constructive if macro headwinds abate,” the analyst added.
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