Canaccord Genuity analyst Mark Massaro maintained a Buy rating on Idexx Laboratories (IDXX) today and set a price target of $285. The company’s shares closed yesterday at $268.30.
Massaro said:
“We think IDXX is likely due for a new product launch around 2020 or so, but whether they announce it at the Analyst Day, or VMX remains to be seen. We reiterate our Buy on IDXX and raise our PT to $285, as we roll forward to our new 2021 estimates. Q2 beat on the bottom, delivered small miss on the top. Q2 Adj. EPS of $1.43 (+16% rep, +19% FXN) beat our $1.35/Street’s $1.37 and OM of 26.5% (+140bps Y/Y) beat our 25.4%E, as G&A came in $5M below us (disciplined expense management, low benefit costs and LPD cost controls). Q2 revs of $620M (+7% rep., +9% FXN) missed our $625M/Street’s $627M (see shortfall rationale below). GMs of 57.7% grew 50bps Y/Y and matched us (helped by 2-3% price increases, and mix benefits). Q2 rev. shortfall.”
According to TipRanks.com, Massaro is a top 100 analyst with an average return of 20.9% and a 63.5% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.
Currently, the analyst consensus on Idexx Laboratories is a Strong Buy with an average price target of $287.75, representing a 7.2% upside. In a report issued on July 22, Stifel Nicolaus also maintained a Buy rating on the stock with a $295 price target.
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Idexx Laboratories’ market cap is currently $23.08B and has a P/E ratio of 60.53. The company has a Price to Book ratio of 448.62.
Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2019, Rebecca Henderson, a Director at IDXX sold 8,790 shares for a total of $2,123,400.
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IDEXX Laboratories, Inc. engages in the development, manufacture, and distribution of products and services for the animal veterinary, livestock and poultry, dairy and water testing markets. It operates through the following segments: Companion Animal Group; Water; Livestock, Poultry, and Dairy; and Other.
