Stifel analyst Jonathan Block upgraded Idexx Laboratories (IDXX) to Buy from Hold with a price target of $700, up from $640. The firm expects the company’s CAG – Companion Animal Group – recurring revenue growth to accelerate over the next couple of years as price realization steps down modestly, while visits and the “premium” improves, the analyst tells investors in a research note. Idexx visits are stronger than the current trends suggest, and Cancer Dx can aid the premium as the tests’ utility expands, the firm added.
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