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Fly News Breaks for August 14, 2018
ZTS
Aug 14, 2018 | 07:47 EDT
Argus analyst Jasper Hellweg raised his price target on Zoetis to $103 and kept his Buy rating after its Q2 earnings beat and raised FY18 guidance. The analyst says the company's acquisition of Abaxis strengthens its position in the veterinary diagnostic market, which has grown at an annual rate of 10% over the last three years. Hellweg adds that his new target price also assumes assumes continued international growth, new product approvals, and benefits from the acquisition, further noting that Zoetis is the only large-cap pure-play animal health and vaccine company. The analyst anticipates continued sales growth driven by companion animal products Apoquel, Cytopoint, and Simparica.
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