(News Bulletin 247) – Oddo BHF downgrades its opinion on Virbac from ‘outperformance’ to ‘neutral’, in the absence of upside potential compared to its price target maintained at 293 euros, after a quarterly point of activity which ‘gives no momentum’.
The design office nevertheless indicates that the sluggishness of turnover seems temporary to it and declares that it remains ‘fundamentally positive’, because in its midcap France health universe, animal health offers, according to it, a defensive profile.
‘Our overall perception has changed little: in the short term (2023), the momentum will not be very buoyant since the veterinary market is suffering from unfavorable base effects, while beyond that, growth and margins will improve’ improve,” he concludes.
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