Midcap Partners lowers its price target on Virbac by 414,404.5 euros while restating its recommendation to Hold. The design office has revised down its forecasts for sales and current operating margin for 2022.
The broker points out that the group is evolving in a market with more sustained growth (4.5-5%) than in the past (or defensive minima in the event of a resurgence of a health crisis) which it will address with a pipeline of launches consisting of the 2021-2024 period, which enshrines the group’s strategic priorities, which will make it possible to improve the mix, outperform the market and improve profitability to reach a target of around 20% between 2025 and 2030.