UPDATE: Jefferies Raises PT on VCA Antech Following Buyback Introduction

In a report published Monday, Jefferies analyst Brian Tanquilut reiterated a Hold rating on VCA Antech

, and raised the price target from $20.00 to $24.00. In the report, Tanquilut noted, “We view Friday's move in WOOF shares as the appropriate reaction to mgmt's decision to heed investor calls for a more balanced capital deployment strategy (i.e., introduction of buybacks). Given that WOOF is now trading at PE/G parity, we believe meaningful, incremental upside from current levels now depends on SSS growth acceleration and margin expansion.” VCA Antech closed on Friday at $23.96.