Guggenheim Remains Positive on Zoetis (ZTS) as CFO Departs for Valeant (VRX)
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Guggenheim is out with commentary on recent CFO changes at Zoetis (NYSE: ZTS) and Valeant. The firm rates Zoetis at Buy with a price target of $60.
Analyst Louise Chen comemnted,
In Specialty Pharma it seems as if conservation of mass applies to senior leadership changes within the industry. Yesterday evening, Zoetis announced that Glenn David, SVP of Finance Operations, has been named CFO. The former CFO, Paul Herendeen, has joined Valeant Pharma (NYSE: VRX). We view this as very positive for Valeant given Paul's demonstrated record of success with ZTS and Warner Chilcott (acquired by Allergan), but we think most of Paul's work to increase the efficiency of ZTS's earnings potential has been completed. Therefore, we believe Glenn David should be experienced enough to continue Paul's work going forward. Glenn was acting CFO while ZTS was transitioning from its first CFO to Paul Herendeen. Therefore, he is known to the investment community and the feedback was positive regarding his work.
We had a chance to speak to Juan Ramon, CEO, Glenn David, CFO, Steve Frank, IR, as well as other members of the management team at ZTS this morning. In summary, the team was enthusiastic that Glenn is the right person to take Paul's place, and the financial guidance given about two and half weeks ago remains intact, the analyst noted.
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Related EntitiesEarnings, Louise Chen, Guggenheim
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