UPDATE: Barclays Starts IDEXX Laboratories (IDXX) at Overweight

February 17, 2021 4:38 AM EST
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Price: $535.00 +1.24%

Rating Summary:
    10 Buy, 3 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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(Updated - February 17, 2021 4:58 AM EST)

Barclays analyst Balaji Prasad initiates coverage on IDEXX Laboratories (NASDAQ: IDXX) with a Overweight rating and a price target of $600.00.

The analyst comments "We believe the sector offers a defensive safe haven for investors, especially if the recent broader market performance were to reverse. Overweight IDXX, PT $600: 1) Animal Health diagnostics still in the early innings in many international markets with ~1.5-2 more decades of growth potential, in our view; 2) Leading the Diagnostics innovation cycle with premiumization of instruments; 3) A high proportion of recurring revenues (90%+), strong competitive positioning and pricing dynamics drive GM & OPM expansion. We forecast 5-yr Revenue/EBITDA CAGR of 11% / 14% over 2020-25E and ROIC north of 70%+ in the medium-to-longer term."

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 $538.16 yesterday.

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