Jefferies on Maintains Neutral On IDXX, $76 PT

Jefferies has issued a report maintaining a Neutral Rating On IDEXX Laboratories IDXX following a vet survey suggesting a stable market. According to Jefferies, "Encouragingly, our survey uncovered a more optimistic 2H11 outlook, with median diagnostic testing volumes expected to increase 4.0%, up from the 1.0% uncovered during our prior survey. We are updating our 2Q11 estimate for foreign exchange, which is favorable to our modeled expectations, but are offsetting these gains with slightly tempered growth expectations for CAG," IDXX has a Neutral Rating and a $76 Price Target. Shares of IDXX closed at $77.43 yesterday.