Raymond James raises Fulgent Genetics stock price target to $36 on strong performance
Investing.com - Jefferies has raised its price target on IDEXX Laboratories (NASDAQ:IDXX) to $830.00 from $785.00 while maintaining a Buy rating on the stock. The new target matches the highest analyst price projection for IDEXX, which is currently trading near its 52-week high of $735, according to InvestingPro data.
The price target increase follows IDEXX’s strong third-quarter performance, which showed sales growth of 13% and EBITDA growth of 16%, prompting the company to raise its guidance. The company’s EBITDA reached $1.51 billion in the last twelve months, supporting its "GREAT" overall financial health score.
Jefferies noted that pet wallet share is shifting toward animal health and diagnostics, with innovation and product mix serving as the main growth drivers currently.
The research firm expects IDEXX to maintain high-single-digit percentage growth until volume rebounds from an aging pandemic cohort, which should support improved financial performance in future years.
Jefferies remains positive on IDEXX’s accelerating growth trajectory, noting that the stock’s valuation is still approximately in line with its long-term average.
In other recent news, IDEXX Laboratories reported impressive third-quarter results, exceeding both earnings and revenue projections. The company achieved earnings per share of $3.22, surpassing the expected $3.14, and reported revenue of $1.1 billion, beating the anticipated $1.07 billion. Following these strong results, IDEXX Laboratories saw a significant increase in market capitalization. Additionally, BTIG raised its price target for the company to $830, maintaining a Buy rating, while Stifel increased its price target to $775, also keeping a Buy rating. Stifel’s revised target comes amid predictions of modestly improving veterinary visits and a strengthening market position for IDEXX Laboratories. These developments reflect a positive outlook from analysts regarding the company’s growth trajectory.
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