UPDATE: Deutsche Bank Initiates Zoetis at Buy; Market Leader with Global Infrastructure

Deutsche Bank initiated coverage on Zoetis

with a Buy rating and a $38.00 price target. Deutsche Bank analyst David M Steinberg wrote, "During its 60+ year operating history, Zoetis has established itself as the premier company in animal health – a $22 Billion worldwide market – focusing on products for livestock and companion animals. In recent years, Zoetis has become the #1 or #2 ranked participant in all geographies, species, and product categories. Moreover, Zoetis is broadly diversified. Its top 10 products represent just 38% of revenue. And post a series of acquisitions and internal investments, Zoetis is poised to reap the benefits of its global infrastructure and robust product portfolio. We consider Zoetis a core holding and initiate coverage with a Buy rating." Zoetis closed at $33.82 on Tuesday.