Stifel analyst Jonathan Block raised the price target on Zoetis Inc. (NYSE: ZTS) to $170.00 (from $155.00) after the company reported 2Q20 results well above consensus and increased 2020 guidance. Revenue for 2Q20 of $1.55B was well-above the Street’s $1.355BE and EPS of $0.89 beat the Street’s $0.64. The 2020 operational revenue growth guidance was increased to +3-6% but the stock reaction was muted due to Zoetis’ impressive YTD run.

The analyst maintained a Buy rating, stating "Companion Animal sales of $882MM came in well ahead of our $783MME (operational +13% vs. our -2%E) and drove the majority of the total company top-line beat. U.S. experienced material upside on the back of a faster-than-expected recovery in the veterinary market, as $594MM in sales and +19% operational growth well-exceeded our $504MME/-2%E. Apoquel/ Cytopoint sales of $224MM (+24% y/y) handily came in above our $202MME, with these key derm products alone contributing ~3 percentage points to worldwide CA growth".