(Boursier.com) — Vetoquinol fall of more than 10% to 126.2 euros the day after a quarterly point marked by a slowdown in growth, although the basis of comparison is high. The penalty is all the more severe as the stock has clearly outperformed the market since the start of the year. The laboratory thus recorded a turnover of 135 ME for the first three months of the 2022 financial year, up +5.5% on a reported basis and +2.2% at constant exchange rates.
Oddo BHF, which once again noticed the lack of guidance, lowered its target from 158 to 151 euros and downgraded its recommendation to ‘neutral’ due to a more limited upside. The fundamentals remain good (Vétoquinol’s trajectory obviously remains interesting thanks to the good market trends or launches, the options for external growth, intact, and the generation of cash, solidly anchored), simply, the momentum – as underlined in the previous analyst’s comments- goes on altering. This change in rating is essentially aimed at factoring, in the short term, this profile / this observation.
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