12:20 PM EDT, 06/18/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lower our 12-month price target price by $2 to $27, 11.3x our FY 2025 adjusted EPS estimate (down by $0.10 to $2.39), a discount to peers and below PDCO's three- and five-year averages of 13.1x and 14.0x, respectively, to reflect macroeconomic headwinds for both equipment and companion animal sales. We start our FY 2026 EPS estimate at $2.57. Apr-Q adjusted EPS of $0.82 versus $0.84 met consensus forecasts. Net sales of $1.72B (up ~0.1% Y/Y) saw a 3.8% Y/Y decline in Dental revenue, impacted by continued interest rate headwinds for equipment sales (-12%), as well as disruption from the Change Healthcare cyber attack, which took a toll on practice management software revenues within the value-added services category (-11%). Animal Health sales rose 3.1% Y/Y, with stronger results in production animal sales offset by lower companion animal sales due to ongoing weakness in vet clinic traffic. Quarterly adjusted EBIT margin fell to 6.0% from 6.7% in the prior-year quarter. Shares yield 4.3%.