UPDATE: JPMorgan Starts IDEXX Laboratories (IDXX) at Overweight
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JPMorgan analyst Chris Schott initiates coverage on IDEXX Laboratories (NASDAQ: IDXX) with a Overweight rating and a price target of $570.00.
The analyst comments "We view Idexx as the undisputed leader in the space (~55-60% market share) and well positioned to generate >10% revenue and >15% EPS growth over time. The company’s dual reference lab and point-of-care offering represents a competitive advantage relative to peers, and Idexx has significant runway to develop the international market over time. While valuation represents a pushback on the story (70x 2021E EPS), we believe this multiple is warranted given the company’s unique market position and the long-term growth potential of the business."
Shares of IDEXX Laboratories closed at $482.27 yesterday.
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