Virbac is the red lantern of the SBF120 with a decline of almost 4%, weighed down by a recommendation downgrade by Stifel from 'buy' to 'hold', with a price target reduced from 342 to 293 euros for the animal health group's shares.

The broker indicates that it has reduced its 2023-24 estimates for revenues and EPS, pointing in particular to a 'combination of lower volumes and high inflation, which should put margins under pressure in the first half of the year'.

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