Piper Sandler downgraded Zoetis (ZTS) to Neutral from Overweight with a price target of $135, down from $190. The firm continues to like Zoetis’ portfolio over the long term, but is not comfortable with estimates over the next couple of years until it sees some of the company’s innovation hitting the market. Zoetis “is in an innovation air pocket that could last one to two years,” the analyst tells investors in a research note. Further, Piper does not believe the current consumer spending environment supports the price versus value the company’s 2026 launches provide.
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