Canaccord Genuity Maintains Buy on IDEXX Labs (IDXX) Following Investor Meetings

Canaccord Genuity maintains a Buy rating and $80.00 price target on IDEXX Laboratories (NASDAQ: IDXX) following investor meetings. IDXX is feeling really good about its reference lab business. Analyst Mark Massaro says that IDXX plans to fully roll out its new SDMA test to all of its lab customers in July 2015.

Massaro commented, "IDXX is feeling really good about its reference lab business (33% of revenue) as it plans to fully roll out its new SDMA test to all of its lab customers in July 2015. IDEXX' survey data indicates 25% of VCA Antech customers expressed an interest in switching to IDXX' reference lab or purchasing SDMA, its early diagnosis for chronic kidney disease. IDXX holds IP for SDMA and it took years to develop, thus we think the barriers to entry are high. Recall IDXX' sales force outnumbers US reference lab industry leader VCA Antech by a ratio of 3-to-1, and we expect ongoing, near-term share gains and ~100bps of revenue upside to IDEXX."

For an analyst ratings summary and ratings history on IDEXX Laboratories click here. For more ratings news on IDEXX Laboratories click here.

Shares of IDEXX Laboratories closed at $63.69 yesterday.

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