RBC Capital Markets upgraded Dechra Pharmaceuticals on Tuesday to 'outperform' from 'sector perform', citing an attractive entry point. "We think Dechra is a well-run compound growth story, benefiting from strong market trends, resilience to recession and will remain active in M&A," it said. The bank cut its price target on the shares to 4,200.0p from 5,300.0p as it updated its valuation given the recent decrease in peer multiples. However, RBC said Dechra's shares had come down "significantly" relative to that of its other high quality peers, and stated it now thinks current levels provide "an attractive entry point" for what it sees as a defensive business with good organic growth and history of solid execution. RBC also said Dechra operates in a defensive market and it expects demand to remain high. "Dechra sells pharmaceutical products that are used to treat serious animal conditions. Therefore, despite the negative macro outlook, we believe its revenue is defensive in periods of consumer downturn.