In a report published Wednesday, Piper Jaffray & Co. reiterated its Neutral rating and $109.00 price target on MWI Veterinary Supply MWIV.
Piper Jaffray noted, “MWIV acquired Prescription Containers, Inc., otherwise known as PCI Animal Health, a distributor of companion animal health products to over 2,000 veterinary practices primarily in the Northeastern part of the U.S. MWIV paid $17 MM or 0.5x PCI's CY12 revenues of ~$33 MM. While the acquisition is expected to be slightly accretive to FY13 earnings, we believe the acquisition is a positive for the following reasons: 1) it is a good strategic fit for MWIV as PCI expands the company's presence in the Northeast/East Coast and 2) it brings the addition of about 800 new vet customers. Despite this favorable development, we maintain our Neutral rating and $109 PT primarily due to valuation.”
MWI Veterinary Supply closed on Monday at $110.00.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in