) from $37.00 to $33.00. Charles River Laboratories has implemented a stock buyback which is to be funded by existing cash, credit, and free cash flows. Based on the fact that the Company did not fully use its last buyback authorization, the firm takes a conservative approach and believes that the Company will deploy only half of its $500M authorization. Jefferies believes that corporate costs are expected to run at 5.5% - 6% of revenue. The Company has taken steps like implementing a new ERP system, Lean/Six Sigma programs etc. to reduce overhead and operate efficiently.