Phibro Animal Health initiated with a Neutral at Citi

Citi initiated coverage of Phibro Animal Health (PAHC) with a Neutral rating and $62 price target The firm launched the animal health and dental sectors with a “cautiously optimistic” view. Citi favors the animal health group, saying the the “humanization” pet trend is real and should drive more spending. The firm’s top pick is Zoetis. It sees the weak macro backdrop pressuring the dental sector. Citi expects a trade-down to lower cost implants and orthodontics. Citi’s top dental pick is Henry Schein.