J.P. Morgan published its report today on Charles River Laboratories CRL after CRL reported disappointing 2011 guidance.
In a note to clients, J.P. Morgan writes, "guidance for flat y/y top-line growth off a lowered 2010 estimate of $1.115B-$1.125B is below both JPMe ($1.17B) and consensus ($1.146B), while EPS guidance of $2.20-$2.40 also came in below consensus ($2.51), which is surprising given CRL's significant recent share repurchases and previously announced cost reductions. Furthermore, given activist involvement in the stock, it would appear that management has no incentive to be conservative with guidance, making it all the more disappointing."
CRL is trading at $35.00.
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Posted In: Analyst ColorAnalyst RatingsCharles River LaboratoriesHealth CareJ.P. MorganLife Sciences Tools & Services
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