Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Viavi (VIAV) initiated with an Outperform at Northland. 2. CECO Environmental (CECE) initiated with a Buy at B. Riley FBR. 3. Tencent Music (TME) initiated with an Outperform at Macquarie. 4. Enable Midstream (ENBL) initiated with a Neutral at Mizuho. 5. Elanco (ELAN) initiated with a Market Perform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Jefferies analyst Glen Santangelo lowered the firm's price target on Zoetis (ZTS) to $200 from $220 and keeps a Hold rating on the shares. Zoetis shares are down year-to-date on several factors, with the two most significant being Librela safety concerns and pending competition launches from Elanco (ELAN), the analyst tells investors in a research note. The firm, however, conducted a survey of 35 veterinarians and says the data looks largely positive for Zoetis. While the competitive landscape around key products bears monitoring, the stock's current valuation discount "seems overly punitive," contends Jefferies. The firm believes this "battered expectation level represents an attractive buying opportunity" ahead of the company's Q1 report. Jefferies notes that 100% of the 35 of vets it surveyed are happy, either very or somewhat, with Librela efficacy while 97% were neutral to happy with the safety profile. Meanwhile, 50% of respondents expect osteoarthritis pain scripts to growth 11%-30% in the next two years, the firm adds.