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Barclays has upgraded Charles River Laboratories to Overweight and downgraded Medpace to Underweight in its Q3 US life science tools and diagnostics preview. The bank expects stable industry end markets to improve incrementally, with pharma bottom and conservative estimates suggesting the latest round of cuts may be the last. Valuation remains well below trough levels for Charles River, while Medpace's premium valuation over peers looks stretched. Barclays maintains a Neutral sector view, arguing that the recovery will mirror pharma – slow and steady.

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