Charles River price target lowered to $215 from $235 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Charles River to $215 from $235 and keeps an Equal Weight rating on the shares. The firm notes the company reported in line revenue with EPS beat on bonus accruals. Guide was cut significantly to reflect DSA weakness on rapid/unexpected pharma demand softening from IRA/patent cliffs plus more metered biotech improvement in the second half of the year, Morgan Stanley says, adding that it believes the visibility overhang will likely persist into 2025.