Zoetis price target lowered to $195 from $220 at Piper Sandler

Piper Sandler analyst David Westenberg lowered the firm’s price target on Zoetis to $195 from $220 and keeps an Overweight rating on the shares. As the firm cautioned might happen in our recent veterinary survey note, the Wall Street Journal published an article last week highlighting social media posts and pet owner concerns over Librela. The article and expectations of its release have weighed heavily on the stock price. That said, Piper’s checks find that veterinarians and practice owner groups continue to view Librela positively. The firm expects minimal impacts from social media concerns, but adjusted its model and price target to reflect what it believes is a bear case scenario for Librela.