Jefferies downgraded Zoetis and Elanco, citing animal-health pricing risks; reiterated Buy on IDEXX

On October 20, Jefferies cut Zoetis and Elanco to Hold from Buy, citing pricing risk, muted vet visits, mid-single-digit vet-labor inflation and waning owner sentiment; it said price and mix account for all growth in vet and pet services, versus 50%–65% pre-pandemic. Jefferies reiterated Buy on IDEXX. ([uk.investing.com](https://uk.investing.com/news/stock-market-news/jefferies-downgrades-zoetis-e