Idexx Laboratories downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Idexx Laboratories to Neutral from Overweight with an unchanged price target of $525. The analyst thinks softness in pet owner visits and wellness spending could extend to all of 2024 and potentially into 2025. The overall near-term macroeconomics present a potential for another year of growth below long-term trends for Idexx, the analyst tells investors in a research note. Piper says “that would increase the risk for multiples to temporarily rerate.” As such, it sees a blanked risk/reward at these levels.