IDEXX Laboratories (IDXX) PT Raised to $700 at Stifel
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Stifel analyst Jonathan D. Block raised the price target on IDEXX Laboratories (NASDAQ: IDXX) to $700.00 (from $600.00) while maintaining a Buy rating following results.
The analyst commented, "IDEXX reported another exceptional quarter with revenue/EPS upside, and management solidly raised 2021 guidance (details below). Importantly, the Companion Animal market remains robust with IDEXX’s CAG Diagnostic Recurring revenue posting +16% 2-year average annual growth in 2Q21 versus pre-pandemic levels of +12-13%. As a result, our 2021-2023 revenue/EPS estimates again move higher and we remain upbeat on the market. While there wasn't much to complain about, we hit on a few shortcomings below, which are seemingly weighing on near-term expectations, especially in light of the stock’s recent appreciation. For our Animal Health (AH) stocks, we recently talked about favoring the YTD AH laggards, as the leaders (notably IDEXX) may need to see their stocks/relative multiples consolidate from recent levels. With the stock pulling back ~4% and our 2022/2023 EPS estimates each moving up by 2%, some of the rightsizing of that peak relative multiple is starting to (deservedly) take place."
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