10:10 AM EDT, 05/01/2024 (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 target price to $507 from $552, 40.3x our 2025 EPS view, below IDXX's five-year historical forward P/E average. We cut our 2024 view to $11.20 from $11.28 and 2025's to $12.58 from $12.78. Q1 EPS of $2.81 vs. $2.55 was $0.02 above our forecast and beat the consensus estimate by $0.13. Q1 revenue of $964M, up 7% Y/Y, was slightly below expectations, $2M below consensus, and $16M below our forecast. IDXX cut its 2024 sales guidance to the $3.90B-$3.97B range from $3.93B-$4.04B. For 2024, we now pencil in 8.2% Y/Y top-line revenue growth versus 9.0% earlier, which is slightly below the 8.7% Y/Y growth seen in 2023. We think new product launches are key and could propel the stock price in the long run, if successful. IDEXX ( IDXX ) recently launched an AI-based fast and innovative cellular analyzer, inVue Dx, for which it sees high potential. It also launched a new customer engagement software, Vello, in the U.S. (February 2024), which aims to increase communication between clinics and pet owners.