UPDATE: Zoetis Inc. (ZTS) PT Raised to $105 at Cantor Fitzgerald

(uodated to add analyst comment, market color)

Cantor Fitzgerald analyst Louise Chen raised the price target on Zoetis Inc. (NYSE: ZTS) to $105.00 (from $98.00) while maintaining a Overweight rating.

Price target raise is mainly driven by multiple expansion. "Given the company's durable business model and the positive outlook for macro factors, we think ZTS's multiple will hold and upwards earnings revisions should drive shares higher. We think ZTS's multiple will be supported by: 1) its durable business model, 2) positive outlook for macro factors, and 3) solid execution by management. Upwards earnings revisions could come from: 1) higher -than anticipated peak sales for new launches, 2) better-than-expected operating margins
in 2018+, and 3) M&A," the analyst has to say.

Shares of ZTS trade up +1,25% in afternoon trading, while SPY trades up +0,19%.

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