(News Bulletin 247) – Stifel downgrades from ‘buy’ to ‘keep’ its recommendation on Virbac, in view of a limited upside potential compared to its target price lowered to 293 euros (against 342 euros previously) on the share of the animal health group.
The broker indicates that it has reduced its 2023-24 revenue estimates by 5-6% respectively, due in particular to a slowdown in overall market growth and a lesser outperformance of Virbac compared to it.
Stifel also lowered its 2023-24 EPS expectations by 21-22%, pointing to a ‘combination of lower volumes and high inflation which should put pressure on margins in the first half’, as well as the impact of the cyberattack on mid-June.
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