Oddo BHF has reaffirmed its 'outperform' opinion on Virbac, with its target price raised from €385 to €414, following a business review of the animal health group, which showed that 'all product categories and geographies are strong'.

'Once again, the figures are not a complete surprise, but their quality is real. The stock is included in our European Midcaps list. Virbac is, in our opinion, a defensive stock in an unpromising environment in France", says the analyst.

Oddo BHF has raised its target on the stock, based on a lowered WACC of 9%, and after upgrading its guidance sequence "modified last week with the guidance upgrade, underlying market growth and the group's competitiveness".

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