UPDATE: JP Morgan Initiates Zoetis at Overweight; Leadership Position Clear

JP Morgan initiated coverage on Zoetis ZTS with an Overweight rating and a $39.00 price target. JP Morgan analyst Chris Schott noted, "We are initiating coverage of ZTS shares with an Overweight rating and $39 YE '13 price target. Zoetis, a spin-out of Pfizer's animal health division, holds a clear leadership position within its industry and operates a business model that we believe is capable of generating sustainable mid-single digit top-line growth and low to mid-teens EPS growth. Further, we see Zoetis as a fairly unique asset within the healthcare space with a highly diversified portfolio, a significant emerging markets presence, and lack of third-party payer or generic exposure." Zoetis closed at $33.82 on Tuesday.
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