Guggenheim reiterated a Buy rating and $60.00 price target on Zoetis Inc. (NYSE: ZTS) following the company's 1Q earnings report. ZTS reported 1Q16 EPS of $0.48, $0.07 higher than consensus. Management increased its '16 EPS guidance from $1.71-$1.81 to $1.83-$1.90 (consensus was $1.78).

Analyst Louise Chen commented, "We remain positive on ZTS after the beat and raise 1Q16. Growth in Companion Animal sales drove the outperformance and ZTS expects this to continue throughout '16 and beyond. Apoquel contributed to Companion Animal sales growth with $50MM of sales in the quarter, $35MM of which came from the U.S. ZTS expects peak sales of $300MM+ for Apoquel. The company's strong execution increases our confidence that ZTS can meet or beat expectations for '16 and '17. We continue to see a path to $4.80 of EPS in '21 (consensus at $3.12 for '20). Upward earnings revisions could come from margin expansion, M&A, and new launches."

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Shares of Zoetis Inc. closed at $48.15 yesterday.