Oddo BHF maintains its 'outperform' rating on Virbac shares, with its price target raised sharply from 290 to 385 euros.

Yesterday, Virbac said it was raising its 2023 targets in light of the rebound seen in Q4: the group is now targeting growth at ptc. of around 4% (vs. +2% to +4% previously). It is also targeting growth of +4% to +6% lfl for 2024.

'We believe that the 2024 guidance leaves room for an increase, during 2024, including with the non-recurrence of the impact of the 2023 cyberattack. Virbac provides an additional element of visibility by indicating that, by 2030, it is maintaining its current MOP target at 20%', reports the broker.

Oddo BHF points out that the update of its model (including the factorization of the 20230 guidance) leads to an increase in its EPS forecasts of around 15% for 2023 and 10% in 2024.

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