UPDATE: Barclays Starts IDEXX Laboratories (IDXX) at Overweight
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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."
Shares of IDEXX Laboratories closed at $538.16 yesterday.
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