Stifel has upgraded its recommendation on Virbac from 'hold' to 'buy', with a price target raised from 380 to 390 euros (corresponding to a 2025 PE of 20 times), believing that the risk/reward ratio is becoming more attractive.

'Although decelerating, we believe Virbac has published reassuring figures for the second half of 2024, leading it to slightly exceed expectations on adjusted EBIT for fiscal 2024. It has also confirmed its 2025 and longer-term targets", notes the broker.

The Group should continue to slightly outperform long-term growth in the animal health market', continues Stifel, noting that 'valuation multiples have recently fallen to attractive levels in line with the Group's profile'.

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