-- Healthcare stocks declined Friday afternoon, with the NYSE Healthcare Index falling 1% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 0.9%.
The iShares Biotechnology ETF (IBB) was 0.4% higher.
In corporate news, Zoetis (ZTS) shares fell 6% after Ameriprise downgraded the stock to hold from buy following its Q1 results Thursday. UBS cut its price target to $99 from $130, and Jefferies to $117 from $155.
Price: $22.47, Change: $-5.56, Percent Change: -19.84%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our downgrade is on valuation, with shares up 18% YTD, and now trading relatively close to our target. Our 12-month target price remains $21, a 7.9x multiple of enterprise value to projected 2027 EBITDA, in line with ET's historical forward average. We cut our 2026 earnings per unit estimate by $0.07 to $1.59, and 2027's by $0.11 to $1.64. ET has growing exposure to natural gas processing and logistics needs in the U.S., which is compounded by the emergence of data centers and LNG export terminals (which arguably rise in importance following recent attacks on Qatar's LNG export terminals, an important industry development given that Qatar is home to 20% of global LNG exports). Although ET is no longer proceeding with its own Lake Charles LNG terminal project, it still has exposure to the play by virtue of enabling the flow of natural gas to the U.S. Gulf for other industry participants. Units yield 6.8%.
Price: $255.39, Change: $-0.14, Percent Change: -0.05%