UPDATE: Barclays Starts Covetrus (CVET) at Overweight
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Barclays analyst Balaji Prasad initiates coverage on Covetrus (NASDAQ: CVET) with a Overweight rating and a price target of $48.00.
The analyst highlights four reasons for the outlook: "1) Supported by strong fundamentals and market leadership in each of its segments: supply chain / practice mgmt / prescription management; 2) OUS strategy in place through cloud-based solutions and international rollout of Rx management (starting with UK, Australia /NZ); 3) Covetrus platform driving greater profitability; 4) Revenue/EBITDA CAGR of
6% / 11% over 2020-25E. Screen well on Investment Framework: Both IDXX & CVET check almost all the boxes in our investment framework."
Shares of Covetrus closed at $37.58 yesterday.
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