Stifel maintains its 'hold' rating on Virbac shares, with a target price raised from €293 to €349.

Following an exchange with management, the broker indicates that it has updated its model, which now fully integrates management's new ambition in terms of margins.

Stifel has thus raised its EPS expectations for 2023-24 by 21% and 13% respectively.

The analyst reports that Virbac's share price rose sharply towards the end of the year (+26% in December), supported by an unexpected increase in forecasts only a month and a half after the last forecast revision.

' This led Virbac's valuation multiples to be 20% above its historical average and made the company one of the most highly valued in the animal health sector', he concludes.


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