As reported earlier, SunTrust analyst Sandy Draper downgraded Charles River to Hold from Buy and lowered his price target to $111 from $113 as part of his broader "CRO Universe 2018 preview" research note. Draper says that while the momentum of a strong CRO industry carries into 2018, the PE valuations are now ahead of the 2- and 5-year averages, and the year should be "largely contingent on underlying earnings generation rather than further multiple expansion". For Charles River, Draper says the valuation "no longer excites us", adding there are downside risks from "weaker demand from large pharma due to less outsourcing or consolidation" as well as cost inflation margin pressure.