Bernstein starts Virbac at 'market-perform' on future margin growth

** Bernstein initiates its coverage on French animal health firm Virbac VIRP at "market-perform" with an EUR 409 PT, citing future margin expansion from new manufacturing and product changes

** "We think Virbac belongs to a long-only, under-the-radar category of gems," says the broker

** It adds the group will benefit from sustainable and growing underlying secular trends, including population growth, higher intake of animal protein, post-COVID depression and an increasing number of pets

** Bernstein sees Virbac's EBIT margin up by 320 basis points between 2025 and 2030 due to scale effects from its size

** Out of eight analysts that cover Virbac, six rate the stock "strong buy" or "buy" and ​two rate it "hold" - LSEG data