Following the animal health laboratory's announcement of quarterly sales 2% below consensus, Stifel has downgraded its recommendation on Vetoquinol from 'buy' to 'hold', despite raising its target price from €101 to €104.

Given the strong outperformance of the share price since the last quarter of 2023 (+38% between October 1 and today, compared with +3% for the CAC Mid&Small), our price target no longer offers any upside potential", it explains.

Stifel is lowering its estimates for 2023 and 2024 (-1% and -3% respectively on EPS) 'to reflect the latest business update and comments from peers on pricing power under pressure in the sector'.

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