IDEXX downgraded at BofA citing “soft 2022 start”
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IDEXX Laboratories (NASDAQ:IDXX) has extended the post-earnings losses to the second straight session on Thursday after Bank of America lowered its rating on the animal health company to Neutral from Buy following its lackluster 1Q 2022 results.

While the stock trades at a fair valuation with no change to the companyâs long-term bullish view, the analysts led by Michael Ryskin see limited catalysts in the near term to drive further upside.
In addition to difficult prior-year comparisons, the team points out that the companyâs updated guidance remains risky with no recent improvement to market conditions.
âAs such, we think the updated guide is not fully reflected and could see even more risk if vet visit volumes remain suppressed,â the analysts wrote, lowering the price target to $470 from $550 per share to indicate an upside of ~14% to the last close.
Amid unfavorable macro conditions, COVID and capacity constraints hurt clinical visit growth compared to strong prior-year baselines, IDEXX (IDXX) Chief Financial Officer Brian McKeon noted during the earnings call.