UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Zoetis on Further Support for Fundamentals - Zoetis (NYSE:ZTS)

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In a report published Wednesday, Bank of America analyst Robert M. Willoughby reiterated a Buy rating on

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Zoetis

(NYSE: ZTS), and raised the price target from $41.00 to $49.00.In the report, Bank of America noted, “3Q results across the animal health industry exemplified some of the best trends we've seen in recent history with accelerating companion animal trends and improving fundamentals across the livestock industry, consistent with ZTS' impressive organic growth (+10%) in the latest quarter. More recently, Henry Schein, the largest global animal health distributor posted +8% organic growth for the segment, including +11% growth in North America. We are boosting our PO for ZTS to $49 (from $41) on the improving fundamentals with heightened conviction in its prospects in 2014 and beyond.”Zoetis closed on Tuesday at $43.72.