J.P. Morgan Has A Note On Charles River Laboratories After Earnings (CRL)

J.P. Morgan Chase & Co. discusses Charles River Laboratories CRL in a research report after the company reported earnings. It has a Neutral rating on shares and a $34 price target. In a note to clients, J.P. Morgan writes, "Bottom-line result due largely to share repurchase. Under the accelerated share repurchase and prior program, the company repurchased 8.55M shares of stock in the quarter. The board has authorized an incremental $250M in share repurchase. Guidance cut. CRL reduced its guidance from $1.90-$2.00 to $1.85-1.90, now expecting -5% revenue growth in 2010 (vs prior 2-3% decrease), and sequentially flat revenues in Q4." Shares of CRL lost 1 cent yesterday to close at $32.92.