Barclays lowered its price target for Zoetis (ZTS) to $85 from $136.
This 37% reduction follows a challenging first quarter for the animal health firm. The bank maintained its Equal-Weight rating on the stock.
Zoetis shares are currently trading near a 52-week low. Barclays analysts warn that stabilization for key companion animal products may be several quarters away.
Increased competition in dermatology and parasiticides is driving the downward revision. Investor sentiment and the company's valuation have reached all-time lows.