UPDATE: Jefferies Lowers PT on Charles River Laboratories to $33

Jefferies is out with its report today on Charles River Laboratories CRL, lowering its PT from $40 to $33. In its report, Jefferies writes, "We are lowering our PT to $33, or 12.5x our 2012 EPS estimate of $2.65. This is an overly steep reduction under normal circumstances. However, to warrant buying in the midst of this risk-off trade, we suggest that stocks should have clearer visibility to growth and/or unlevered balance sheets." Jefferies maintains Hold on CRL. Shares of CRL closed Monday at $28.82, down 12.11% from Friday's close.