Charles River Laboratories to Report Guidance

Jefferies is out with its report on Charles River Laboratories CRL as CRL is set to report guidance on December, 14. In a report to clients, Jefferies notes, "We have picked up some minor indications of improvement in toxicology. Authorizations are higher now than 1 year ago...more so on volume than value. Our position on early development has been negative for many quarters. We haven't been burned badly, yet we're plenty cautious about adding another call on a headfake to the many already made by the sell-side. Moreover, with the sequential decline in PCS revenue during 2010, sequential improvement in 2011 will be required just to climb back to flat. Jefferies has a Hold rating and increases its price target from $33 to $35 on CRL. CRL closed yesterday at $34.82.