UPDATE: JPMorgan Starts IDEXX Laboratories (IDXX) at Overweight

January 29, 2021 4:42 AM EST
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Price: $502.88 +0.64%

Rating Summary:
    10 Buy, 3 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
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(Updated - January 29, 2021 5:21 AM EST)

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."

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 $482.27 yesterday.

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