VIRBAC : opinion upgraded by Oddo BHF after sales figures
October 24, 2023 at 01:22 pm IST
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Oddo BHF has upgraded its opinion on Virbac from 'neutral' to 'outperform', with a target price raised from €275 to €290, in the wake of the company's quarterly trading update, which, in its view, "should be interpreted constructively".
We're among those who think that the fourth-quarter publication could be interpreted negatively, but the perception that the low point has passed now makes us think that we can come back to the stock", the analyst believes.
After the annual publication for 2023, scheduled for March 2024, Oddo BHF believes that the animal health group 'should enter a more favorable Q1/Q2/Q1 2024 sequence, and therefore more buoyant on the stock market'.
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Virbac specializes in the research, production and marketing of veterinary medicines. The activity is organized around 2 product families:
- pet medications: pest control drugs, vaccines, antibiotics, anesthetics, anti-inflammatory drugs, mouth/dental care products, ophthalmologic and dermatological products intended for dogs, cats, horses, birds, rodents, etc. The group also offers foods and electronic identification chips;
- livestock medications: pest control drugs and antibiotics intended for cattle, sheep, pigs, poultry, etc.
Net sales are distributed geographically as follows: France (15.4%), Europe (26.2%), Latin America (17.1%), Asia (16.4%), North America (13.2%), Pacific (9.3%), Africa and Middle East (2.4%).