UPDATE: Morgan Stanley Initiates Zoetis at Equal-Weight; Fundamentals Reflect Balanced Risk/Reward - Zoetis (NYSE:ZTS)

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Morgan Stanley initiated coverage on Zoetis (NYSE: ZTS) with an Equal-weight rating.Morgan Stanley analyst David Risinger commented, "ZTS is a global leader in animal health, and we expect mgmt. to deliver mid-teens EPS growth over the next several years. However, ZTS shares are up 30% (vs. S&P +4%) since IPO on Feb. 1, and we see a balanced risk reward at 24x our 2013E EPS. […] At 24x our 2013E EPS of $1.41 (20x 2014E EPS) and 16x our ‘13E EBITDA (14x 2014E EBITDA), ZTS trades at a premium to Large-Cap Growth companies like Monsanto, Mead Johnson, and Perrigo as well as SMID-Cap Animal Health companies like Idexx, VCA, and Virbac. Given ZTS's premium multiple on EPS and EBITDA, we think material EPS upside is required to drive stock outperformance."Zoetis closed at $34.18 on Tuesday.

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