Zoetis price target lowered to $195 from $215 at Stifel

Stifel lowered the firm’s price target on Zoetis to $195 from $215 and keeps a Buy rating on the shares. The stock’s outperformance in 2023 was partially attributable diversified growth across its product portfolio as it alleviated fears of new offerings infiltrating Zoetis’ key franchises, but in 2024, the stock has struggled as key franchises will likely face increasing competition, and the slope of Librela’s ramp has been questioned due to perceived safety concerns, the analyst tells investors in a research note.