VIRBAC : Stifel downgrades its recommendation
The broker says it has reduced its 2023-24 revenue estimates by 5-6% respectively, due in particular to a slowdown in overall market growth and Virbac's weaker outperformance relative to it.
Stifel has also lowered its 2023-24 EPS expectations by 21-22%, pointing to a 'combination of lower volumes and high inflation which should put margins under pressure in the first half', as well as the impact of the cyberattack in mid-June.
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