William Blair analyst Ryan Daniels has maintained their bullish stance on IDXX stock, giving a Buy rating on October 16.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Ryan Daniels has given his Buy rating due to a combination of factors, primarily focusing on the innovative products Idexx Laboratories has introduced. The company’s new offerings, inVue Dx and Cancer Dx, are anticipated to significantly enhance the growth trajectory of Idexx’s Companion Animal Group (CAG) by 2026. These innovations are expected to contribute over 150 basis points to the organic growth of CAG, reinforcing the company’s ability to sustain high-single-digit growth despite industry challenges.
Moreover, Daniels highlights the strong demand for cancer testing among pet owners and veterinarians, particularly for dogs, given the high incidence of cancer in canines. The emotional and health-driven motivations of pet owners to ensure their pets’ well-being further bolster the demand for Idexx’s cancer diagnostics. This robust demand, coupled with the potential for these innovations to add more than 200 basis points in a bullish scenario, underpins Daniels’s confidence in the company’s growth prospects and justifies the Buy rating.
Daniels covers the Healthcare sector, focusing on stocks such as Idexx Laboratories, Addus Homecare, and TransMedics Group. According to TipRanks, Daniels has an average return of 8.7% and a 52.56% success rate on recommended stocks.
In another report released on October 16, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $713.00 price target.