Bank of America Securities analyst Michael Ryskin reiterated a Hold rating on Idexx Laboratories today and set a price target of $550.00.
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Michael Ryskin has given his Hold rating due to a combination of factors influencing Idexx Laboratories’ stock performance. Despite the company’s shares experiencing a significant increase year-to-date, the underlying market conditions, particularly in veterinary visits, remain soft. This softness poses a challenge for Idexx, as the expected improvement in veterinary visits did not materialize as anticipated.
Ryskin acknowledges the potential of new products like inVueDx and CancerDx to offset the weaker market, but he notes that the growth from these products may be gradual. Additionally, while foreign exchange movements and share buybacks could support earnings per share, the current valuation of Idexx shares appears stretched. This valuation demands a recovery in market conditions and organic growth for further upside, leading Ryskin to maintain a Hold rating while slightly raising the price objective based on potential product contributions.
In another report released yesterday, Stifel Nicolaus also reiterated a Hold rating on the stock with a $540.00 price target.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IDXX in relation to earlier this year.