IDEXX Labs In The Hot Seat: Analyst Forewarns Dwindling Vet Visits Amid Macro Headwinds Ahead
Portfolio Pulse from Nabaparna Bhattacharya
Stifel analyst Jonathan D. Block has reiterated a Hold rating on IDEXX Laboratories, Inc. (NASDAQ:IDXX), but lowered the price target to $500 from $525. The analyst notes that IDEXX is gaining market share and expects its diagnostics to play an increasingly important role in veterinary offices. However, he also warns of potential macroeconomic headwinds and ongoing practice capacity constraints that could hinder near-term volume improvements. The analyst predicts a modest growth in veterinary visits and a 2024 price increase of around 5% for IDEXX.
September 15, 2023 | 4:48 pm
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IDEXX Laboratories' price target has been lowered by a Stifel analyst due to potential macroeconomic headwinds and practice capacity constraints. However, the company is expected to see a modest growth in veterinary visits and a 2024 price increase of around 5%.
The lowering of the price target by the analyst indicates a less optimistic outlook for the company's stock, which could negatively impact its short-term price. However, the expected modest growth in veterinary visits and a 2024 price increase could provide some positive momentum for the stock in the longer term.
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