Pandemic Pets Push Industry Stocks to Pricey Valuations

The pet business has been among the great beneficiaries of the new coronavirus. That success has made some stocks in the sector expensive.

Among the sector’s big winners this year are veterinary services firm Idexx Laboratories , up about 61% this year, and drug company Zoetis Inc., which is 25% higher. The S&P 500 is up 8.7% for 2020. Investors will get a closer look at the companies in the coming weeks: Idexx is due to report third-quarter results Oct. 29, while Zoetis is due to report its results Nov. 5..

Michael Ryskin, an equity analyst at Bank of America, said he believes these trends will amount to a multiyear tailwind for the animal-health industry. “The pet, or ‘companion animal’ industry, has been incredibly strong and resilient for many years, and despite fear of a negative impact from Covid-19, is having another strong year in 2020,” he said.

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