CLDX - Animal health ratings change at Guggenheim; Celldex up with positive views on trial data - today's analyst action

Mario13/E+ via Getty Images IDEXX downgraded Heska, Covetrus upgraded at Guggenheim With its mid-year rating changes, Guggenheim makes no adjustments to its positive views on animal health space. However, noting the bullish prospects in diagnostics, the analysts have upgraded Heska (HSKA) and Covetrus (CVET) to buy from neutral. Yet, they have downgraded IDEXX Laboratories (IDXX). They cite the need for a better entry point, arguing that that the company’s market cap now exceeds seven times the industry’s total addressable market. IDEXX shares have lost ~2.3% in the pre-market Heska’s relative valuation to IDEXX on an EV/ revenue basis and Covetrus’ relative valuation to the industry are cited as reasons for their upgrades. The price targets at $280.00 per share for Heska and $30.00 per share for Covetrus imply premia of ~18.1% and ~14.9%, respectively. Seeing a valuation gap with Elanco, the firm has kept the buy rating of Zoetis (ZTS) unchanged. In

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Animal health ratings change at Guggenheim; Celldex up with positive views on trial data - today’s analyst action